Idaho Governor Signs Law Revising Individual, Corporate Income Tax Rates

The Idaho Governor March 29 signed a law revising corporate and individual income tax rates. The tax imposed on individuals, trusts, and estates is reduced from 5.8 percent to 5.695 percent of taxable income over $2,500. The tax imposed on corporations other than an S corporation is reduced from 5.8 percent to 5.695 percent. The income tax rate changes take effect retroactively Jan. 1, while the other provisions in the law generally take effect July 1. [H.B. 521, enacted 03/29/24]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.