Here’s a bold idea: Why not bolster business by cutting taxes? We know it works, because Idaho has done exactly that. In 2012, we lowered both our personal and corporate income taxes and, in 2013, we exempted more than 90% of Idaho’s businesses from paying personal property tax.
While many states had to raise revenues to cover budget shortfalls during the recession, Idaho’s budget remained balanced. We trimmed spending rather than raise taxes, and now we’re rewarding Idaho taxpayers by easing their burden even more.
Businesses in Idaho know they can count on a stable tax environment. They don’t have to worry that their taxes will increase. In an economy that’s still recovering, it’s nice to find a little certainty in Idaho.
|Average Property Tax||1.5%|
|General Sales Tax||6%|
|Personal Income Tax||7.6% (Top bracket)|
- Lowest per capita tax burden of any state.
Enhanced Investment Tax Credit
3.75% on all new, depreciable, tangible personal property placed in Idaho.
Real Property Tax Credit
2.5% on investments in new plants, buildings, and structural components placed in service in Idaho.
New Job Tax Credit
Up to $3,000 per new job created.
Property Tax Exemption
A full or partial property tax incentive can be granted by the county commissioners where the project is located.