The House Revenue & Taxation Committee is scheduled to consider introducing tax-cut legislation from House Majority Leader Mike Moyle today, to cut Idaho’s top two personal income tax rates and its corporate tax rates by a tenth of a percentage point each and raise the current $100 per person grocery tax credit by $10; it’s a $27 million proposal. The top rates would drop from 7.4 to 7.3 percent.
Rev & Tax Chairman Gary Collins, R-Nampa said, “I think it’s good that we’re bringing it up early in the session, so we can take a look at the revenue stream. This is the time to pass a tax reduction bill, before the budgets get set – we can take that money out of the revenue stream.”
Interestingly, just after that conversation, I was comparing notes with Lewiston Tribune reporter Bill Spence as we headed off to speak on a reporters panel at the Idaho Chamber Alliance meeting yesterday. Spence had just spoken with Senate Tax Chairman Jeff Siddoway, R-Terreton. And Siddoway had told him that if Moyle’s tax-cut bill makes it across the rotunda to his committee, he’ll hold it until March, so more information will be available about the budgets and the revenue stream.
Collins also told me: “I’m sure this won’t be the last tax bill this session.”