Gov. Brad Little will call a special session of the Legislature on Sept. 1 to address inflation, and give money back to Idahoans, following another record budget surplus.
At a Tuesday morning press conference, Governor Little announced that he’s lined up bipartisan majorities in the Legislature to co-sponsor his single bill during the special session – ensuring that it can clear the tax committees and pass both houses.
The Idaho Press reports, the proposed bill would cut Idaho’s corporate income tax rate from the current 6 percent, to 5.8 percent, and collapse Idaho’s current individual income tax bracket into a single flat tax rate of 5.8 percent.
It also would exempt the first $2,500 of taxable income from the state income tax, which would mean everyone currently paying income taxes would see a cut.
The proposed bill, is posted on the governor’s website under “legislative sessions”.
