ID S1195

Increases the average high cost multiple (AHCM) used to calculate unemployment insurance tax rates from 1.4 to 1.53 effective January 1, 2018, under Idaho Code Section 72-1350.

Reduces individual income tax rates for taxable year 2017 and thereafter, including the lowest bracket from 1.6% to 1.5% and the highest bracket from 7.4% to 7.3%, with adjustments across all income brackets.

Reduces corporate income tax rate from 7.4% to 7.43% for taxable years commencing January 1, 2001 and after.

Declares an emergency and provides that tax rate changes (Sections 2 and 3) are retroactively effective January 1, 2017, while unemployment insurance changes (Section 1) take effect July 1, 2018.