BOISE -- A House committee has taken the first step toward providing tax relief for Idaho businesses.
The House Revenue and Taxation Committee voted Friday to introduce legislation aimed at cutting the state's top individual income tax rate for individuals from 7.8 percent to 7.4 percent. It would also lower the corporate income tax rate charged to businesses from 7.6 percent to 7.4 percent.
The bill's sponsor is House Majority Leader Mike Moyle. The Republican from Star says his proposal would cut taxes by an estimated $35 million in the next fiscal year.
Moyle says it's time to give Idaho companies a break and make the state more competitive.
The measure falls below the $45 million in tax relief proposed by Gov. C.L. "Butch" Otter at the start of the legislative session.
