Idaho governor signs tax cut plan into law

Idaho governor signs tax cut plan into law


Save Story

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

BOISE, Idaho (AP) — Gov. C.L. "Butch" Otter has signed a sweeping $200 million tax cut into law.

Otter approved the measure on Monday. The new law includes an emergency clause, making it retroactive to Jan. 1.

The plan reduces personal income and corporate tax rates and creates an Idaho child tax credit. The law is designed to offset the increase in taxes Idaho families are expected to pay under the recently signed Republican tax plan signed by President Donald Trump.

Changing the state's tax brackets would lower Idaho's $3.5 billion general fund by $159.6 million and implementing the child tax credit would slash the fund by an additional $42.3 million — totaling nearly $200 million. However, lawmakers are hoping to expand the tax credit from $130 to $205 before the end of session, which means the tax cut law could jump to $225 million.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Idaho stories

Related topics

IdahoBusiness
The Associated Press

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast