(Idaho Governor’s Office Press Release, February 4, 2022)
Boise, Idaho – Governor Brad Little signed the first bill of the 2022 legislative session today – his “Leading Idaho” income tax cut bill that provides one-time and ongoing income tax relief to Idahoans.
“Never in my life did I think we would achieve the ‘TRIFECTA’ – historic tax relief, historic education investments, and historic investments in transportation in one year. Some say, ‘You can’t have your cake and eat it, too,’ but clearly we are proving them wrong here in Idaho,” Governor Little said. “Taxes should be fair, simple, competitive, and predictable, and the passage of my ‘Leading Idaho’ income tax relief bill is a step in that direction. We are making Idaho even more business friendly and competitive.”
House Bill 436 provides $350 million of tax relief through a one-time tax rebate this spring and $251 million in ongoing tax relief beginning in July by lowering income tax brackets.
“The cooperation that exists between my office and my partners in the Legislature is very important to me, and it is part of the reason we are here today. I appreciate the Idaho Legislature for making tax relief a priority,” Governor Little said.
Since Governor Little took office three years ago, we have cut nearly $1 billion in taxes, and in signing House Bill 436 today, Governor Little said we are on track to return more than $1 billion in income tax relief to Idaho taxpayers over the next five years.
Governor Little said getting more money back into the pockets of Idahoans as soon as possible is especially important because Idahoans are facing the burden of surging inflation and federal debt.
“Our country reached a grim milestone this week – the national debt, for the first time in history, exceeds $30 trillion. Meanwhile, here in Idaho, we have a record budget surplus of $1.9 billion, which represents a whopping 40-percent of our General Fund!” Governor Little said.
Governor Little’s Leading Idaho plan also makes investments in education, transportation, water, broadband and many other areas to keep up with Idaho’s record growth and ensure continued prosperity for our state.