Idaho lawmakers have ushered in a $200 million tax cut plan as the first tax relief proposal of the 2018 legislative session.
House Majority Leader Mike Moyle said Tuesday the proposal is one of the largest tax reduction bills ever proposed in Idaho’s history.
The legislation is designed to offset the Republican tax overhaul that President Donald Trump signed into law last month.
If approved, the plan would reduce personal income and corporate tax rates and create a $130 Idaho child tax credit.
Idaho lawmakers are feeling pressure to pass some sort of sweeping tax relief plan this year because currently taxpayers are estimated to pay roughly $100 million more in taxes due to the federal tax plan’s changes.
The House Revenue and Taxation Committee introduced the bill Tuesday. It must now pass a full hearing.