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Idaho House approves $253 million income-tax cut, military-retirement exclusion and bullion capital-gains exemption
Summary
House Bill 40 passed the House on Feb. 3, 2025, lowering Idaho’s income-tax rate, exempting some military retirement income, and exempting capital gains on bullion; the bill passed 63-7 after extended debate over fiscal impacts and distributional effects.
BOISE, Idaho — The Idaho House approved House Bill 40 on Feb. 3, 2025, a package of tax changes the sponsor said would return roughly $253 million annually to Idaho taxpayers. The bill reduces the state individual income-tax rate from 5.695% to 5.3%, exempts certain military retirement income from state taxation, and removes capital-gains taxation on bullion such as gold and silver. The House approved the measure, 63-7.
Representative, District 22, the bill’s floor sponsor, said the measure will "put a whole lot more money back…
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