House Bill No. 380 Summary

• Revises Idaho individual income tax brackets and rates effective January 1, 2021, lowering rates across multiple income brackets with a new top marginal rate of 6.5% for income over $5,000.

• Creates the 2021 Idaho Tax Rebate Fund with up to $220,000,000 to distribute one-time, nontaxable rebate checks to full-year resident taxpayers equal to 9% of their 2019 tax liability or $50 per taxpayer and dependent, whichever is greater.

• Reduces corporate income tax rate from 6.925% to 6.5% of Idaho taxable income for non-S corporations, effective January 1, 2021.

• Transfers $180,000,000 from the Tax Relief Fund to the 2021 Idaho Tax Rebate Fund on July 15, 2021, and establishes ongoing annual transfers of $110,000,000 from the Tax Relief Fund to the General Fund beginning in fiscal year 2022.

• Declares an emergency with retroactive application to January 1, 2021 for tax rate changes and July 1, 2021 for the rebate fund implementation.