Idaho Governor Wants Drop in Marginal Tax Rates
BOISE, Idaho (KTVB) -- Gov. C.L. "Butch" Otter says he wants to see the marginal tax rates for Idaho's individual and corporate income tax drop below 7 percent.
The governor announced his recommendation during his State of the State address on Monday. His proposal would reduce the income tax rate for those in the state's highest tax bracket to 6.9 percent from the current rate of 7.4 percent.
The reduction would be phased in over five years. Otter says the plan would provide tax relief to 44 percent of Idaho taxpayers this year, and up to 51 percent of taxpayers by 2018.
Otter also wants to eliminate the personal property tax, a tax that business owners pay on furniture, machinery, computers and other equipment that they use for their business.