Idaho taxpayers could end up paying roughly $100 million more next year as a result of the Republican tax overhaul that President Donald Trump signed into law last month.
That number, however, is likely to fluctuate as lawmakers begin to address tax policy during the 2018 legislative session – which kicks off Monday.
Ken Roberts, chairman of the Idaho State Tax Commission, revealed the fiscal impact of the tax reform law to lawmakers during Friday’s Economic Outlook and Revenue Assessment Committee meeting.
Roberts estimated Idaho could see a boost of more than $97 million in tax collections if the state chooses to fully conform to the new federal tax code changes.
The federal policy cuts tax rates and nearly doubles the standard income deduction. It also caps or eliminates some popular itemized deductions, and sets the personal exemptions to zero.