Gov. C.L. “Butch” Otter thanked the Idaho Legislature for unanimously approving legislation that lowers the amount employers pay in unemployment insurance taxes.
Otter tweeted Tuesday the bill is great news for job creators and Idaho’s economy.
Thanks to the Legislature for acting quickly and unanimously to approve $115 million in unemployment insurance rate relief for Idaho employers! Great news for job creators and Idaho’s economy.
— Idaho Governor (@ButchOtter) January 23, 2018
The proposal is expected to save employers a total of $115 million over the next three years by reducing a key component in how Idaho calculates the unemployment insurance tax rate. It’s also expected to reduce the cost of unemployment insurance taxes by 30 percent.
Idaho lawmakers were supposed to make the reduction last year. However, the bill got hijacked by legislative leaders who wanted to use the proposal as leverage for other tax cuts and in the end, the bill never made it to Otter’s desk.
This year, the bill sailed through the House and Senate.
Otter’s spokesman Jon Hanian says the Republican governor has not yet scheduled when the bill will be signed.