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In a significant move to support Idaho residents, Governor Brad Little, alongside leaders from both the House and Senate, has signed House Bill 40. This legislation will return an impressive $253 million to Idahoans through a series of income tax reductions.
This initiative is part of Governor Little’s comprehensive KEEPING PROMISES plan aimed at providing additional tax relief to citizens. The core of this tax cut involves a reduction in the income tax rate for both individuals and businesses, lowering it from 5.695% to 5.3%. Additionally, the measure allows veterans to retain a larger portion of their military pensions, reflecting a commitment to those who have served.
“Idaho families and businesses deserve to retain more of their hard-earned income. This is not just a matter of policy; it’s the right thing to do,” Governor Little stated. “Our state’s robustness stems from responsible governance and prioritizing the taxpayer. I want to thank my legislative partners for aligning on the importance of tax relief while managing the needs of our growing population. As we provide unprecedented tax reductions, we must also ensure that our budget remains balanced, in accordance with the Idaho Constitution.”
House Speaker Mike Moyle emphasized the importance of these tax cuts, stating, “This is the people’s money, not a government resource. Today, we are delivering the largest income tax cut in Idaho’s history, and this is just the beginning. Returning funds to the people will always remain a top priority for me as Speaker.”
Senate Pro Tem Kelly Anthon highlighted the state’s tradition of giving back to its residents during prosperous times. “Idaho’s leadership has shown that we prioritize the people’s needs. Today’s tax cut will benefit not only those families in need but also our honored military veterans who have made significant sacrifices for our state and nation. I take great pride in collaborating with my fellow legislators and the Governor on this historic achievement.”
Since taking office, Governor Little has led Idaho in providing over $4.6 billion in tax relief, marking the state as a leader in delivering substantial tax cuts per capita. With the enactment of House Bill 40, Idaho families and businesses will experience even greater financial relief.
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