Bill Lowering Income Tax Rate Heads To Idaho Governor

Legislation lowering the Idaho income tax rate cleared the state legislature last week.  Dex Lake with the Idaho Farm Bureau Federation said House Bill 40 would reduce the state’s income tax rates, for both individuals and businesses, from the current 5.695% to 5.3% of taxable income beginning retroactively on January 1st.

“The bill also expands the income tax exemption for U.S. military pension income to include veterans under age 62 who are employed and earn enough to owe federal income tax," Lake said.  "Additionally, the bill removes capital gains and losses for gold and silver bullion and coins from the state income tax calculation."

HB 40 cleared the Senate last week with a 27-8 vote and now heads to Governor Brad Little for his signature.

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