Bill description: This bill raises the tax exemption for personal property from $100,000 to $250,000.
Analyst note: Idaho taxes business personal property, everything from computers and desks to machinery and equipment, but the state exempts the first $100,000. This bill raises the exemption to $250,000.
Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments?
Roughly 90 percent of Idaho businesses are exempted from paying personal property tax with the current exemption. But, the state still retains 80 percent of the tax receipts from before the exemption was implemented. Increasing the exemption to $250,000 would provide a roughly $8 million tax break to Idahoans. (+1)
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