BOISE, Idaho (KLIX)-Idaho's governor has signed the first bill of the 2022 legislative session centered around income tax relief following a record state budget surplus. Gov. Brad Little said during the signing, "Never in my life did I think we would achieve the ‘TRIFECTA’ – historic tax relief, historic education investments, and historic investments in transportation in one year. Some say, ‘You can’t have your cake and eat it, too,’ but clearly we are proving them wrong here in Idaho,” Governor Little said. “Taxes should be fair, simple, competitive, and predictable, and the passage of my ‘Leading Idaho’ income tax relief bill is a step in that direction. We are making Idaho even more business-friendly and competitive." House Bill 436, allows a one-time tax rebate to Idahoans totaling $350 million dollars as well as $251 million in ongoing tax relief by dropping the income tax brackets, which will take effect in July. The Associated Press reported earlier when the bill was passed by the Senate, 27-7, it was the largest tax cut in state history. The tax rebates include 12 percent of state income taxes going back to filers during 2020 or a minimum of $75 per taxpayer and dependent, whichever is higher. The governor and lawmakers have said the tax breaks are thanks to a record $1.9 billion budget surplus.

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