BOISE, Idaho - Gov. Brad Little on Tuesday announced a special legislative session for Idaho leaders to discuss using the state's projected $2 billion budget surplus for tax cuts and investments in education.
“We’re calling an extraordinary session to address the crushing impacts of historic inflation on Idaho families and schools. The cost of basic fundamentals to live everyday life has skyrocketed, and schools are faced with the burden of rising operating costs. Idaho’s powerful economic engine, combined with years of fiscal conservatism in state government, mean tax revenues have outpaced government spending, month after month, year after year. As a result, we are now projecting a new record budget surplus - $2 billion - which is hundreds of millions more than we expected. With the emergency before us, we’re going to give it back to the people and help our schools,” Gov. Little said.
The plans include a one-time rebate for individuals equalling 10 percent of their 2020 income taxes or a minimum of $300. Income taxes will also be cut from 6% to 5.8%.
A total of $410 million is going toward schools. With $330 million toward K-12 public schools to help with rising costs and $80 million for career training.
KHQ reached out to democratic Senator David Nelson D Moscow for comment on the announcement. Here's his statement:
"I am fully supportive of the Education funding the governor has proposed, especially the $80 million for higher education. I want to thank the thousands of Reclaim Idaho volunteers who worked to get the quality education act on the ballot and forced the governor to set aside those sale dollars now via the legislature. I would prefer Idaho enact property tax reform instead of income tax cuts, but I can support this bill to lock in the education funding."
