Amends existing law to revise provisions regarding income tax rates and the Tax Relief Fund and to provide for a onetime income tax rebate.

This 2021 Tax Relief bill reduces all income tax brackets, setting the top individual and corporate tax bracket to 6.5% retroactive to January 1, 2021. This provides Idahoans with $169.4 million in ongoing tax relief. This bill also provides a one-time sales tax/income tax rebate, returning $220 million to Idaho taxpayers. A rebate check will be sent to 2020 personal income tax filers providing a minimum amount of $50 for each taxpayer and dependent or 9% of income taxes paid in 2019 whichever is greater.