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Below is a snapshot of key features of Idaho's tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $7.2 billion
- General Revenue as a Share of Income: 14.8%
- Tax Revenue: $4.3 billion
- Tax Revenue as Share of income: 8.9%
- Personal Income Tax (Share of Tax Revenue): 24.6% (15 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 2.3 % ( 35 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 35.3 % ( 23 out of 51)
- Property Tax (Share of Tax Revenue): 30.1 % ( 34 out of 51)
- Other Taxes (Share of Tax Revenue): 4.8 % (30 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 1.6% - 7.4%
- Standard Deduction: $5,950 ($11,900 for Married Couples)
- Personal Exemption: $3,800
- Dependent Exemption: $3,800
- Earned Income Tax Credit (EITC): None
Corporate Income Tax Features (2012)
- Range of Tax Rates: 7.40%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 25%
- Apportionment Factor (Property): 25%
- Apportionment Factor (Sales): 50%
- Apportionment Note: Corporations can elect to use equally weighted formula
Sales Tax Features (2012)
- State Sales Tax Rate: 6.00%
- Average Local Sales Tax Rate: 0.05%
- Average Combined State & Local Sales Tax Rate: 6.05%
- State Sales Tax Treatment of Groceries: Taxed at regular rate, but offsetting credit/rebate is available
- Local Sales Tax Treatment of Groceries: Taxed
- Number of Services Taxed: 29 out of 168 surveyed
- Streamlined Sales Tax Membership: No
Property Tax Features (2012)
- Provides a large homestead exemption for residential improvements only.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.25
- Diesel Tax Rate (per gallon): $0.25
- Cigarette Tax Rate (per pack): $0.57
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $87
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: None
Last Updated October 4, 2012
Sources & Glossary
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