Following a series of tax cuts that continued through the recession, which saw depletion of funding to Gem State schools, Idaho Majority Leader Mike Moyle wants the Idaho Legislature to keep cutting.
The Spokesman-Review's Betsy Russell is reporting that the Star Republican leader says he's proposing that all individual and corporate income tax rates be cut by a tenth of a percent per year for the next six years. Moyle said that would drain the state's general fund by approximately $21 million each year—totaling nearly $126 million.
Moyle's bill ties the tax cuts to a so-called "trigger." Simply put, if the state's revenues don't grow by at least 3 percent, no tax cut for that year.
Moyle's measure, if approved, would take effect Jan. 1, 2015.
"When you talk to businesses coming to Idaho, the big thing they talk about is your income tax rates are out of whack," Moyle told the Spokesman-Review.