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ID H0001
Bill
Status
9/1/2022
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
Idaho House Bill 1 Summary
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Establishes the Idaho Tax Rebate Fund with $1.07 billion in total funding ($220 million + $350 million + $500 million) to distribute one-time tax rebates to Idaho residents for tax years 2020, 2021, and 2022.
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Reduces individual income tax rate to 5.8% and corporate income tax rate to 5.8%, effective January 3, 2023, creating a flat tax structure with inflation-adjusted thresholds beginning in 2000.
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Appropriates $500 million from the General Fund to the Idaho Tax Rebate Fund for the fiscal year July 1, 2022 through June 30, 2023.
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Creates the in-demand careers fund and directs $80 million annually beginning fiscal year 2024 from sales tax revenues to support workforce development and career training programs.
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Places an advisory question on the 2022 general election ballot asking voters whether they approve using the state surplus for $500 million in tax refunds, $150 million in ongoing tax cuts, and $410 million in education funding increases.
Legislative Description
Amends, repeals, and adds to existing law to provide for income tax rebates, to provide for a cash transfer, to revise individual and corporate income tax rates, to establish and create the in-demand careers fund, and to provide sales tax distributions to public schools.
TAXATION
Last Action
Reported Signed by Governor on September 1, 2022 Session Law Chapter 1 Effective: 09/01/2022 SECTION 1-3 and 12-14; 01/03/2023 SECTION 4-11
9/1/2022