Idaho is one of nine states that saw tax collections increase more than ten percent from fiscal year 2010 to 2011. A new U.S. Census Bureau Report looks at state tax collections for the fiscal year that ended June 30, 2011. Last fiscal year, all 50 states reported an increase in tax collections, a dramatic […]
Idaho state revenue collections are up for the fourth month in a row. The Division of Financial Management reports March tax collections exceeded expectations by almost $4 million, even though a large number of tax refunds are going out the door this time of year. That $4 million is 11 percent of the total revenue […]
Governor C.L. “Butch” Otter sent out this tweet earlier today: He’s signed House Bill 563, which lowers the top corporate and individual income tax rates from 7.6 and 7.8 percent respectively, to 7.4 percent. The Associated Press has reported a family of four in the top tax bracket, with a gross income of $100,000, will […]
Idaho corporations and top individual taxpayers will pay less to the state next year. A plan to lower the top tax rates passed the Senate this afternoon. It’s final stop will be a signature by Governor C.L. “Butch” Otter. As soon as Otter signs the bill, which he is expected to, the new tax rates […]
A bill to cut Idaho’s top corporate and individual income tax rate overwhelmingly passed the House this afternoon. House Bill 563 would cut the top individual income tax rate from 7.8 percent to 7.4 percent and the top corporate rate from 7.6 percent to 7.4 percent. It would cost the state an estimated $35.7 million […]
A handful of new tax and spending bills are making their way through the Legislature this week. Here’s an update of what’s happening and what we’re watching. Tax Cuts A bill to reduce the income and corporate tax rates of Idaho’s top earners got an initial nod of approval from the House tax committee. The […]
President Obama wants Congress to lower the top federal corporate tax rate from 35 percent to 28 percent. The New York Times reports Obama’s proposal would get rid of dozens of loopholes and subsidies and give preference to manufacturers that would set their maximum effective rate at 25 percent. Mr. Obama’s proposal, outlined by Treasury […]
In reporting yesterday’s story about the competing budget priorities that legislators are weighing this session, I reached out to a lot of business groups. I wanted to identify a small business owner who could walk me through just what a reduced individual income tax rate would mean for his or her business over time; I […]
The Associated Press reports conservative Idaho lawmakers are pushing a constitutional amendment to require a two-thirds vote for fee or tax hikes passed by the Legislature. Sen. Steve Vick (R-Dalton Gardens) is a first term Idaho legislator. He previously served in the Montana Legislature for seven years. Vick wants Idaho to join about 16 other […]
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