Gov. Little signs business tax cut bill

FRUITLAND, Idaho (KIFI) – Governor Brad Little signed House Bill 450 into law Friday, providing an estimated $64 million in unemployment insurance tax cuts for Idaho businesses over the next two years.

“Businesses of all sizes, especially our small businesses, are the backbone of our way of life. I am so pleased that Idaho businesses will be able to keep more of what they earn with the passage of our ‘Leading Idaho’ business tax cut bill!” Governor Little said.

In 2020, Idaho strengthened its unemployment insurance trust fund, making it one of the most solvent funds in the country. Doing so led to a $200 million tax cut for Idaho businesses. With Governor Little’s signature of House Bill 450 today, the lower rates are locked in for the next two years.

“Idaho has the strongest economy in the nation, and we consistently lead other states in our low unemployment rate. Our success is largely thanks to our businesses, and this bill helps them continue creating good Idaho jobs,” Governor Little said.

Governor Little outlined portions of his “Leading Idaho” plan during his State of the State and Budget Address on Jan. 10. Leading Idaho is Governor Little’s plan to give back to the people of Idaho through record tax relief and record investments in education, transportation, and other key areas that impact Idahoans’ daily lives.

“My close partnership with the Idaho Legislature is very important to me, and always has been. We cannot achieve good things for the people we serve if we do not work effectively with one another. So, thank you to my legislative partners for working with me to implement ‘Leading Idaho’ so we can propel our state even further forward. I especially appreciate Representative Scott Syme and Senator Jim Guthrie for sponsoring House Bill 450,” Governor Little said.