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Idaho: New Law Lowers Corporate and Personal Income Tax Rates from 5.8% to 5.695%
H.B. 521, signed by gov. 3/29/24. Effective immediately and applicable retroactively to January 1, 2024, new law lowers Idaho’s corporate income tax rate from 5.8% to 5.695%, and similarly lowers Idaho’s flat individual income tax rate from 5.8% to 5.695%. These newly enacted Idaho income tax rate reductions follow income tax rate reductions that were enacted in 2023 [see H.B. 172 (2023) and State Tax Matters, Issue 2023-13, for more details on the 2023 legislation]. Please contact us with any questions.
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