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Idaho residents to see tax relief money as soon as next week

Business & Money

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BOISE (KIVI) — Idaho residents could see tax relief money as early as next week, Gov. Brad Little’s office announced Friday.

The income tax relief will be sent out either via direct deposit or in mailed checks beginning next week as part of the state’s tax relief package passed earlier this year. The refunds are a part of the “Building Idaho’s Future” plan, which directs the state’s surplus to tax relief and investing in keeping up with Idaho’s growth.

The payments will go out to any full-year resident in 2019 and 2020 who filed individual income tax return or a grocery credit refund, according to the tax rebate FAQ. The payments will be $50 per taxpayer and dependent or 9% of the tax amount reported on various forms.

“Idaho’s economy continues to blow past projections. We are leading the country in economic prosperity. This year, we achieved the single largest tax cut in state history! We’ve returned your tax dollars with our record budget surplus,” Gov. Brad Little said in a statement. “These tax cuts boost Idahoans’ prosperity, and they keep our tax rates competitive and our business climate vibrant.”

The tax relief payments come from the state’s largest income tax cut, with $445 million for Idaho families and businesses, including $163 million in permanent, ongoing income tax cuts, and $8 million in ongoing property tax cuts offset by the General Fund, according to a news release from Little’s office.