FRUITLAND, Idaho — Idaho Gov. Brad Little signed $64 million in tax cuts for businesses into law Friday.
House Bill 450 slashed unemployment insurance taxes for Idaho businesses, with rates locked in for the next two years.
"Businesses of all sizes, especially our small businesses, are the backbone of our way of life. I am so pleased that Idaho businesses will be able to keep more of what they earn with the passage of our 'Leading Idaho' business tax cut bill," Little wrote in a release. "Idaho has the strongest economy in the nation, and we consistently lead other states in our low unemployment rate. Our success is largely thanks to our businesses, and this bill helps them continue creating good Idaho jobs."
Idaho strengthened its unemployment insurance trust fund in 2020, leading to a $200 million tax cut for businesses.
Little signed the bill in a ceremony at Henggeler Packing Company in Fruitland.
"My close partnership with the Idaho Legislature is very important to me, and always has been," the governor said. "We cannot achieve good things for the people we serve if we do not work effectively with one another. So, thank you to my legislative partners for working with me to implement 'Leading Idaho' so we can propel our state even further forward. I especially appreciate Representative Scott Syme and Senator Jim Guthrie for sponsoring House Bill 450."