The Risch tax plan

Idaho Gov. Jim Risch has called an Aug. 25 special session of the Legislature to consider his tax reform proposal, which would:

“Eliminate the $3 per $1,000 property tax levy that funds basic school operations, cutting $260 million in property taxes for all types of property, including homes, businesses, farms and utility property.

“Raise the sales tax from 5 percent to 6 percent on Oct. 1, generating an additional $210 million a year.

“Shift $50 million from the state’s $203 million budget surplus to make up the rest of the lost school funding.

“Add another $100 million from the surplus to a special savings account for schools that now holds $13 million to hedge against future economic downturns that could affect the state’s sales tax revenues.

“Place an advisory ballot measure before voters in November asking if they approve the change.