Committee sends major income tax relief bill to House floor after split debate

The House Revenue and Taxation Committee on Jan. 30 voted 12‑2‑1 to send House Bill 40 to the House floor with a due pass recommendation after a day of testimony and floor debate. Speaker Mike Moyle (R‑District 10) presented the bill as the first of three tax relief proposals this session and said it would reduce income tax rates, exempt more military retirement benefits from taxation and repeal capital gains tax treatment on certain monetized metals.

Moyle told the committee the measure would lower Idaho’s income tax rate from 5.695% to 5.3% and said the bill would exempt disabled military retirement benefits at younger ages and extend tax relief to future military retirees. He also described removing capital gains tax on gold and similar metals, saying the market is difficult to track and the change would support…