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ID H0816
Bill
Status
3/24/2022
Primary Sponsor
Ways and Means Committee
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AI Summary
House Bill 816 Summary
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Increases sales and use tax rate from 6% to 7.85% effective July 1, 2022, with 6.2% distributed under existing formulas and 1.65% dedicated to property tax relief
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Exempts owner-occupied homesteads (up to 5 acres) from most local property tax levies except school levies, bonds, and community infrastructure district levies, effective tax year 2022
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Increases food tax credit from $75 to $100-$175 per person, with enhanced rates for seniors and other eligible populations
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Creates Property Tax Relief Stabilization Fund to stabilize distributions to local tax areas during revenue fluctuations and to replace revenues lost from homestead exemptions
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Submits advisory ballot question to 2022 general election asking voters whether Idaho should maintain the property tax relief package with increased sales/use tax funding
Legislative Description
Amends and adds to existing law to provide property tax relief for owner-occupied homesteads, to increase the grocery tax credit, and to raise the sales and use tax rate to provide replacement funding for local tax areas.
TAXATION
Last Action
Reported Printed and Referred to Ways & Means
3/24/2022