The House Ways & Means Committee met just now and voted along party lines to introduce new legislation from Rep. Marv Hagedorn, R-Meridian, calling for big cuts in personal and corporate income taxes to be phased in over the next eight years, for a total drop in state tax revenue by 2019 of $402 million. “History tells us that the last five times this has been done nationally, the economy has soared, business has thrived,” Hagedorn told the panel. “This is the right idea to bring jobs to the state of Idaho.”
House Majority Leader Mike Moyle, R-Star, said the plan was simply to introduce the bill, not to take it any further this year. He called it “no more than giving them something to work with,” as discussions continue on the concept between this year and next year. House Minority Leader John Rusche, D-Lewiston, said, “I have real concerns” about such legislation at a time when the state's reserve funds are empty and budgets are being cut. House Assistant Majority Leader Scott Bedke, R-Oakely, said, “I think this is a topi that needs to be further discussed, further refined. … I don't think there's any question that it'll be the private sector that'll lead us out of this doldrum.”
The committee also voted to introduce a new renewable energy rebate bill, as part of plans to split the compromise measure that already has passed the House into two separate bills; the other piece already was introduced on the Senate side.