BOISE, Idaho (AP) — Gov. C.L. "Butch" Otter has signed off on a $35 million tax cut for the Idaho's corporations and high-income earners.
Otter signed the measure Thursday, essentially marking a victory after making tax relief one of his chief priorities for lawmakers in the 2012 Legislature.
The measure cuts the top individual tax rate from 7.8 percent to 7.4 percent and the corporate rate from 7.6 percent to 7.4 percent.
Idaho's improving economy is projected to generate a $105 million surplus in fiscal year 2013. The extra cash enabled lawmakers on the final day of the session to strike a deal splitting the funds between Otter's tax cut, rainy-day savings and restoring cuts to teacher salaries.
The benefit to a family of four with a gross income of $100,000 is about $71.