Idaho taxpayers will see a surcharge on their bank accounts later this year.
State lawmakers this month revised Idaho’s income tax law by lowering tax rates and consolidating the parentheses.
But they also approved a one-time tax break for full-time employees who filed income tax returns in 2019 and 2020.
Overall, the deal will cost the state $ 382.9 million, of which $ 162.9 million is still ongoing.
Each person receives a minimum of $ 50 and an additional $ 50 for each addict. Or they could get 9% of the state income tax they paid in 2019 – whichever is greater.
Proponents of the deal hailed it as the largest tax cut in the state’s history, while opponents say both the tax cut and the rebate benefit the rich more than the Idahoans of the working class.
Idaho is leading the post-coronavirus pandemic economic recovery considering how much tax revenue it has amassed.
Legislators also used the surplus to increase transportation funding across the state and to fund one-off infrastructure initiatives.
A spokeswoman for the state tax commission says the agency is working on final details with the governor’s office and state lawmakers. This includes information on whether the discounts are made out as checks or deposited directly in a taxpayer’s bank account.
However, she expects the discounts to be granted in late summer.