Amends existing law to revise the individual and corporate income tax rate and to provide for an income tax rebate.

This 2022 Tax Relief bill makes the following changes to Idaho's income tax laws: • It consolidates the income tax brackets from five brackets to four and lowers rates to 1%, 3%, 4.5% and 6% retroactive to January 1, 2022. • It lowers the corporate income tax to 6% retroactive to January 1, 2022. • It provides a one-time tax rebate of $350 million, returning approximately 12% of 2020 Idaho personal income tax (line 20) or $75 for each taxpayer and dependant, whichever is greater.