ID Counties Tout Personal Property Tax Relief Plan
By JOHN MILLER
BOISE, Idaho (AP) â¿¿ Counties want the Legislature to dump Idaho's personal property tax for virtually all small- and medium-sized businesses, according to a bill introduced Thursday that will be considered against a competing version from industry aiming to eliminate the tax for nearly all companies, including the state's biggest.
The bill by the Idaho Association of Counties was filed a day ahead of the planned unveiling of industry proposal.
Lobbyist Seth Grigg said the counties' plan would exempt the first $100,000 in personal property from taxes, and the state would tap into its general fund to replace $20 million in revenue that local governments stand to lose."This proposal provides a clear path forward for a partial personal property tax exemption, that balances both the desires of businesses and the funding needs of local government," Grigg said. The measure was expected to receive an initial vetting Thursday by the House Revenue and Taxation Committee. The competing proposal by the Idaho Association of Commerce and Industry is due for a hearing on Friday before the panel. It would cut $120 million in personal property taxes in phases through 2020. The state would replace the revenue for local governments under the plan supported by the administration of Gov. C.L. "Butch" Otter. Association president Alex LaBeau set the stage for a tough fight after Thursday's hearing, rejecting the counties' version and saying it neglected large companies. "That's terrible policy â¿¿ terrible economic policy â¿¿ to tell large investors, Welcome to the state of Idaho, where you get to pay a tax that nobody else pays," LaBeau said. Grigg countered that industry giants such as New York-based Chobani, which recently built one of the world's biggest Greek yogurt plants near Twin Falls, come to Idaho for a variety of reasons, not just tax policy. He noted that the company's home state has eliminated the personal property tax.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV