STATEMENT OF PURPOSE
RS29902C1 / H0001
This bill makes the following changes designed to quickly and efficiently respond to historic inflation and the
harm it is inflicting on Idaho taxpayers and the education system:
• Provides a one-time tax rebate of $500 million to help Idahoans struggling with inflation and property
tax bills. The rebate is the greater of 10% of tax amounts paid in 2020 or $600 per joint filer ($300 for
individual filers).
• Consolidates the income tax brackets to a flat tax at 5.8% for both individuals and corporations, providing
a tax cut for all Idaho income earners and enhancing the state’s business competitiveness. It also exempts
the first $2,500 from taxation for single filers or $5,000 for joint filers.
• Provides $410 million of annual funding directly from the state’s sales tax to the public school income
fund and in-demand careers fund.
FISCAL NOTE
For FY 2023, the net impact is $500 million, with a one-time transfer to the Idaho Tax Rebate Fund.
For FY 2024, the following revenue adjustments are made:
• $161.2 million in ongoing income tax reduction.
• $410 million in ongoing sales tax transfers.
Contact:
Representative Scott Bedke
Representative Mike Moyle
Representative Jason Monks
Representative Steve Harris
Senator Chuck Winder
Senator Kelly Anthon
Senator Abby Lee
Senator Mark Harris
Senator Jim Rice
(208) 332-1000
DISCLAIMER: This statement of purpose and fiscal note are a mere attachment to this bill and prepared by a proponent
of the bill. It is neither intended as an expression of legislative intent nor intended for any use outside of the legislative
process, including judicial review (Joint Rule 18).
Statement of Purpose / Fiscal Note Bill SOP/FN INTRODUCED: 09/01/2022, 8:41 AM


Statutes affected:
Bill Text: 63-3024B, 63-3024, 63-3025, 63-3067, 63-3015, 63-3036B, 63-3638