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House approves $253 million income tax cut package, exempts some military retirement pay and bullion capital gains
Summary
The Idaho House of Representatives approved House Bill 40 on Feb. 3, a tax package the bill’s sponsor said would return more than $253 million to Idaho taxpayers by lowering the state individual income-tax rate and changing tax treatment for military retirement pay and precious-metal bullion.
The Idaho House of Representatives approved House Bill 40 on Feb. 3, a tax package the bill’s sponsor said would return more than $253 million to Idaho taxpayers by lowering the state individual income-tax rate and changing tax treatment for military retirement pay and precious-metal bullion.
Representative from District 22, the bill’s sponsor, told the chamber the measure would reduce Idaho’s individual income-tax rate from 5.695 percent to 5.3 percent, "putting a whole lot more money back into the hands and the pockets of Idahoans, to the tune of more than $253,000,000." The bill also would remove some taxation on military retirement pay and exempt capital gains…
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