Senate Local Government & Taxation Committee Chairman Jeff Siddoway, R-Terreton, said today that he’s sticking to his determination not to give House-passed legislation to cut individual and corporate income tax rates a hearing in his committee. “I’m sticking to my guns,” Siddoway said. “If we properly fund education and our public safety requirements, we have to have that money.”
He said he may support depositing more money into state rainy-day savings accounts as “a conservative way to handle money.” But, he said, “We can’t cut taxes and fund everything.” He’s still holding out hope for his favored tax cut – an expansion of the property tax exemption on business property that lawmakers passed last year; last year’s exemption eliminated the tax for the vast majority of Idaho businesses. But that measure would have to start in the House Revenue & Taxation Committee, he noted. “First we’ll see if we can get enough horses to pull it out of there,” Siddoway said. “It has to start in that House committee.”
HB 548, the income tax cut bill, passed the House on a 54-13 vote on Monday; it has 37 co-sponsors, all house Republicans, including House Speaker Scott Bedke and Majority Leader Mike Moyle. It would phase in $126 million in tax cuts over the next six years.