New Property & Income Tax Laws Give Millions Back to Idahoans
Idaho Governor Brad Little just saved Idahoans millions of dollars by signing a property tax relief legislation and an income tax bill into law. The property tax bill was one of the last bills that was put in front of legislation before being released and the very last bill on the Governor's desk before session recess.
There are opponents to the law that claim it is flawed and doesn't help enough. According to KTVB, Little himself made concerns about the process and the bill's practical implications known. Overall he and most lawmakers saw it as a benefit to Idahoans especially in a time where home prices are surging. The law which is a temporary band-aid, goes into effect immediately and even has portions that retro date back to January 1st of this year.
Now homeowner’s exemption is raised from $100,000 to $125,000. For low income seniors, the property tax reduction went from $1,320 to $1,500. Even businesses get a boost with property tax exemption going from $100,000 to $250,000.
Gov. Little said, "The bill is an aggregate of complex and nuanced changes to Idaho's property tax code, and I am troubled that this was introduced in the waning days of the longest legislative session in Idaho history. I am signing House Bill 389 because it provides some relief to Idaho taxpayers. However, I fear the long-term consequences may outweigh this temporary reprieve. I believe we can do more to address this growing problem, and I believe we can do so in a way that is not only more transparent, but also more closely aligns with my goal of fair, simple, competitive, and predictable taxes."
Another major Idaho tax relief bill was signed this week. According to KTVB,
House Bill 380 provides hundreds of millions of dollars for Idahoans through income tax relief. This is the single largest tax cut in state history. Immediate one-time income tax rebates come to $220 million for Idaho residents. The other part is $163 million in continuing and ongoing income tax relief. If you filed your state income tax with Idaho in 2019 then you are in for a payday. At least $50 per person or 9% of your 2019 taxes, whichever is more.
In his State of the State and Budget Address Gov. Little said, "Curbing government spending and returning taxpayer dollars should be the perpetual mission of public servants."