Repeals, amends and adds to existing law to provide for the transfer of funds to the Tax Relief Fund, to provide for its uses and to provide for exceptions, to provide for a reduction in certain income tax rates under certain circumstances; to provide for transfers from the Budget Stabilization Fund to the Tax Relief Fund; and to provide for the annual legislative review of income and sales tax exemptions, deductions and credits, and to further provide for transfers to the Tax Relief Fund.
TAX RELIEF - Repeals, amends and adds to existing law to provide for the transfer of funds to the Tax Relief Fund, to provide for its uses and to provide for exceptions, to provide for a reduction in certain income tax rates under certain circumstances; to provide for transfers from the Budget Stabilization Fund to the Tax Relief Fund; and to provide for the annual legislative review of income and sales tax exemptions, deductions and credits, and to further provide for transfers to the Tax Relief Fund.
STATEMENT OF PURPOSE
ThislegislationestablishesasystemtosustainfundingforIdahostategovernmentgeneralservices, savemoneyintothebudgeteconomicstabilizationaccounttoavertrevenueshortfalls, andsetaside funding into a dedicated account to buy down income tax rates when financially possible. It also establishes a process to review income and sales tax exemptions.
LATEST ACTION
Reported Printed and Referred to Revenue & Taxation
BILL INFO
- Session
- 2016
- Chamber
- house
- Status date
- Mar 24, 2016