| Bill to Boost Idaho Grocery Sales Tax Credit Advances Feb 7th 2022, 16:35, by Hindustan News Hub By KEITH RIDLER, Associated Press BOISE, Idaho (AP) — A bill to increase by $20 the amount Idaho residents can recover on taxes paid on food through a grocery sales tax credit is headed to the full House on Monday. The House Revenue and Taxation Committee voted to approve the bill that boosts the credit from $100 to $120 for people under 65, and from $120 to $140 for those 65 and over. Republican Sen. Steve Vick said the increase is meant to reflect the amount the tax costs a typical person. If passed, the bill would cut about $32 million from state revenues. That would be replaced using the Tax Relief Fund, which collects sales taxes on online purchases.
Vick said the Tax Relief Fund doesn't currently have enough money to cover the grocery sales tax credit until 2023, meaning taxpayers will have to wait until 2024 to claim the increased credit when filling out their taxes. Repealing the grocery sales tax and also doing away with the tax credit has been a hot topic, with many lawmakers arguing it harms low-income earners the most. But doing that would cost the state about $140 million, much of it from tourists who visit the state but don't file Idaho income tax returns. Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. , The post Bill to Boost Idaho Grocery Sales Tax Credit Advances appeared first on Hindustan News Hub. |
