Idaho House Speaker Mike Moyle proposed House Bill 40 to reduce income taxes, marking the first of three major tax reduction bills for the legislative session. The bill aims to lower individual and corporate tax rates from 5.695% to 5.3%, expand income tax exemptions for military pensions, and eliminate capital gains tax on gold bullion sales. Moyle anticipates total tax reductions between $350 million and $400 million, while some lawmakers express concerns about the fiscal implications of such cuts. The bill will proceed to a public hearing.
Continue to full article
