BOISE, Idaho — Idaho Governor Brad Little has signed House Bill 40, which reduces individual and corporate income taxes.
The legislation will go into effect immediately and retroactively to Jan. 1, ensuring that the tax changes will apply to the entirety of the current fiscal year.
The current rate of taxes is 5.695%. Now, that rate will drop to 5.3%.
According to a press release from the Governor's office, House Bill 40 delivers the largest income tax cut in state history, totaling $253 million.
RELATED: Idaho House and Senate pass bill to cut income taxes, awaits governor’s signature
In the same press release, Governor Little wrote in part, “Idaho families and businesses need and deserve to keep more of their hard-earned money. It is the right thing to do. Idaho’s continued strength comes from our focus on good government and the Idaho taxpayer."
