Our Dash of SALT Blog provides the most recent developments and changes in state and local tax regulations. Here are the latest updates for Idaho.
April 21, 2025
Idaho Amends Corporate Income Tax Rate Reduction
Authored by: Penny Sweeting, CPA and Ryan Schupp
On March 6, 2025, Idaho Gov. Little signed H.B. 40, reducing both the corporate and individual income tax rates from 5.695% to 5.3%. Subsequently, the legislature further amended the statute (H.B. 479) to make the rate reductions retroactive, which Gov. Little enacted on April 4, 2025. Pursuant to H.B. 479, the reduced rates take effect for tax years beginning on or after January 1, 2025.
If you have questions about corporate income tax, please reach out to a member of the Withum SALT Team.
April 19, 2024
Idaho Expands Production Exemption
Authored by: Bonnie Susmano, JD, MBA and Ryan Schupp
On April 8, 2024, Idaho Gov. Little signed House Bill 751, expanding the state’s sales tax exemption on farming equipment. Effective retroactively to January 1, 2024, grain bin structures, augers, dryers, fans, sweep augers, and any other equipment directly and primarily used to perform quality control functions are exempt from sales tax. This exemption applies regardless of whether the equipment becomes part of the real property and whether a farmer, contractor, or subcontractor installed the equipment.
Taxpayers who purchased eligible equipment prior to the enactment of HB 751 may need to file refund claims.
If you have questions about state sales tax exemptions, please reach out to a member of the Withum SALT Team.
Disclaimer: Please note that this information is readily available at this time and is subject to change, so please consult your Withum tax advisor.
Have Questions or Need Guidance?
For more information on this topic, please contact a member of our team.