Idaho residents to see tax aid cash as quickly as subsequent week

BOISE (STONE) – Idaho residents could get tax breaks as early as next week, Governor Brad Little’s office said Friday.

The income tax relief will be sent out from next week either by direct deposit or by postal check as part of the state’s tax relief package passed earlier this year. The refunds are part of the Building Idaho’s Future plan, which diverts and invests the state’s surplus into tax breaks to keep pace with Idaho’s growth.

Payments will be made to each year-round resident in 2019 and 2020 who filed an individual income tax return or grocery loan refund, according to the Tax Refund FAQ. Payments are $ 50 per taxpayer, or 9% of the tax amount shown on various forms.

“Idaho’s economy continues to beat forecasts. We run the country in economic prosperity. This year we achieved the largest tax cut in the history of the state! We returned your tax dollars with our record budget surplus, ”Governor Brad Little said in a statement. “These tax cuts will make Idahoans more prosperous, keep our tax rates competitive and our business climate alive.”

The tax break comes from the largest income tax cut in the state of $ 445 million for families and businesses in Idaho, 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 press release from Little’s office.