A bill that supporters say would provide between $205 million and $355 million in property tax reductions in its first year is heading to the floor of the Idaho House of Representatives for a vote.
On Monday, the House Revenue and Taxation Committee voted to advance House Bill 292, a compromise property tax reduction bill that combines elements of House Bill 77 and House Bill 79, which were introduced earlier this year.
The Idaho Capital Sun reports funding would come from brick-and-mortar sales tax collections, online sales taxes, state budget surpluses, the state’s tax rebate fund and a one-time cast transfer from the state’s general fund.
In the end, the House Revenue and Taxation Committee voted to send House Bill 292 to the floor with a do-pass recommendation.
If the Idaho House votes to pass the property tax bill, it would be sent to the Idaho Senate for consideration.
If the bill passes the Idaho House and Idaho Senate, it would go to Little’s desk for final consideration.