Idaho governor signs massive tax cut, education bill

BOISE, Idaho (AP) — Idaho Gov. Brad Little late Thursday signed a massive tax cut and education spending bill made possible by the state’s projected $2 billion budget surplus.

The Republican governor signed the bill after it made a speedy trip through the Legislature in a one-day special session, passing the House 55-15 and the Senate 34-1.

The legislation has a $410 million annual increase through sales taxes for education as well as a $500 million income tax rebate this year. The bill also has an ongoing $150 million income and corporate tax cut by creating a 5.8% flat tax.

Little last week called the part-time Legislature back to Boise due to high inflation, currently at 8.5%, which he said was harming taxpayers and the education system.

“I am proud of my legislative partners for confronting the substantial impacts of inflation head on by putting our record budget surplus back in the pockets of Idahoans while responsibly funding education at historic levels to ensure we are meeting our constitutional and moral obligation to Idaho students and families both in the short-term and the long-term,” Little said in a statement.

Read the full sotry from AP News here.