Tax Rebate Coming To Idahoans This Summer
Idaho taxpayers will get a boost to their bank accounts later this year.
State legislators this month overhauled Idaho’s income tax law by reducing rates and consolidating brackets.
But they also approved a one-time tax rebate for full-time residents who filed income tax returns in 2019 and 2020.
In all, the deal will cost the state $382.9 million, $162.9 million of which will be ongoing.
Each person will get a minimum of $50 and another $50 for each dependent. Or, they could get 9% of the amount of state income tax they paid in 2019 – whichever is greater.
Supporters of the deal celebrated it as the largest tax cut in state history, while opponents say both the tax cut and the rebate benefit the rich more than working class Idahoans.
Idaho leads the nation in economic recovery coming out of the coronavirus pandemic when considering how much tax revenue it collected.
Lawmakers also used the surplus to boost transportation funding across the state, as well as to pay for one-time infrastructure initiatives.
A spokeswoman for the state tax commission says the agency is still working out final details with the governor’s office and state lawmakers. Those include details like whether the rebates will be issued as checks or deposited directly in a taxpayer's bank account.
However, she says she expects the rebates will be issued in late summer.