Tax-cut legislation that would trim Idaho’s top personal and corporate income tax rates cleared a House committee Tuesday on a party-line vote and headed for the full House.

All Republicans on the House Revenue and Taxation Committee voted in favor of HB 67, while the two minority Democrats on the panel voted no. The bill, from House Majority Leader Mike Moyle, R-Star, also would exempt the first $750 in taxable income from the state’s income tax, to grant a break for those at the bottom as well as those at the top.

“The fact of the matter is Idaho’s income tax rate is out of whack,” Moyle told the committee. “Every one of your chambers has said … we need to look more competitive on the balance sheet. We need a lower income tax rate.” The bill’s fiscal impact is estimated at $51.2 million less for the state’s general fund every year going forward/Betsy Russell, SR. More here.