A new bill to lower property taxes is being sponsored by House Speaker Mike Moyle in the Idaho Legislature.
House Bill 74 was introduced by Moyle, R-Star, in the House Revenue and Taxation Committee on Monday.
Moyle’s proposed plan, if it becomes law, would contribute $50 million yearly to the state’s school district facilities fund, which would be used to assist local schools in covering some of the costs of school renovations and new construction that would otherwise be covered by property taxes.
Additionally, in order to lower property taxes for homeowners, the law sends an additional $50 million in one-time funds to the state’s homeowners property tax relief fund.
The cost of housing and property taxes are among the top issues that Idahoans want the Idaho Legislature to address, according to a number of polls and public policy studies.
According to Moyle, this is a first step toward reducing property taxes, but there is still more to be done.
Local governments and school districts receive and spend the money received from property taxes in Idaho, but the legislature does not. School operations and building, police, fire, and emergency services, libraries, sewers, roadways, weed control, and other expenses are covered by property taxes.
Part of Moyle’s plan to curb government spending includes tax cuts, he told the House Revenue and Taxation Committee.
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Other tax-cutting measures have also been proposed by the Idaho Legislature.This is the third bill the Idaho Legislature has filed in recent days that aims to reduce various taxes.
House Bill 40, which would lower Idaho’s corporate and individual income tax rates from 5.695% to 5.3%, was submitted by the House Revenue and Taxation Committee on Thursday. Additionally, House Bill 40 extends the income tax exemption to military pensions and removes the capital gains tax on the sale of gold and silver.
A bill to lower income taxes is introduced by the Idaho Legislature.
House Bill 61, which was presented by the House Revenue and Taxation Committee on Monday, would raise the annual sales tax credit on groceries for Idaho taxpayers from $120 to $155.
Moyle stated on Tuesday that we aim to address all three tax categories and offer assistance.If all three of the latest tax cut proposals are signed into law, the fiscal notes that go with them will reduce state revenues by a total of $403 million.
This is more than four times the tax savings of $100 million that Governor Brad Little suggested during his State of the State address on January 6.
Boise Democrat Rep. John Gannon backed the introduction of Moyle’s most recent tax cut bill Tuesday, but he questioned whether the state could afford the revenue reductions from passing all three tax cuts plus additional state funding from bills that would allow Idaho families to receive a tax refund or reimbursement for tuition or fees at private religious schools or private schools.
“I do believe we need to exercise caution,” Gannon stated.
House Bill 74’s introduction paves the stage for its eventual return to the House Revenue and Taxation Committee for a comprehensive public hearing.
Chairman David Cannon, a Republican from Blackfoot, announced on Monday that the House Revenue and Taxation Committee will not be taking remote, virtual testimony this year.
The day before a public hearing on a bill, Idahoans who are unable to visit the Idaho State Capitol in Boise may submit an email to [email protected].gov by 4 p.m. to provide testimony to the committee.
According to Cannon, emails should start with the subject line “Email testimony,” which should then include the person’s full name, their legislative district, any groups or organizations they represent, the bill number they would like to testify on in writing, and whether they support or oppose the bill.
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