How much would you get from Idaho’s proposed tax rebate? Here’s how to figure it out
Idaho Gov. Brad Little has called a special session of the Legislature to ask lawmakers to consider a single bill. The bill draws on the state’s massive tax surplus and aims to create a flat income tax and issue income tax rebates for those who filed a tax return in Idaho in 2020 and 2021.
The Legislature will consider the bill on Thursday, Sept. 1
The proposed one-time income tax rebates would equal approximately $500 million and see Idahoans get back 10% of their 2020 taxes paid, with minimum rebates of $300 for individual taxpayers or $600 for joint filers. Seniors who apply for a grocery tax credit also would be eligible for the minimum rebate.
If lawmakers pass the bill, which has a long list of bipartisan cosponsors, rebates will start rolling out as soon as September.
How to check how much your rebate would be
Any full-year individual resident taxpayer who filed a 2020 individual income tax return or a Form 24 — which is the grocery credit refund — will receive a nontaxable rebate after filing a 2021 individual income tax return or Form 24.
The amount you would receive would equal about 10% of the number on line 20 of your 2020 tax return, also called a Form 40. Service members will find their total on line 42 of their 2020 Form 43, which is for nonresidents with income sources from Idaho.
You can calculate 10% of 2020 taxes paid by taking the number on line 20 and multiplying it by 0.1. Alternatively, you can determine how much money you’ll get back on the online percentage calculator www.calculator.net/percent-calculator.html.
You’ll earn the higher amount if your 10% comes to less than $300 as an individual taxpayer or $600 for joint taxpayers.
This story was originally published August 23, 2022 at 3:17 PM.
