TAXATION – Amends and repeals existing law to revise the income tax rate, to extend the child tax credit indefinitely, and to repeal the Parental Choice Tax Credit.

Summary

The measure changes the individual income tax rate to 5.325% (with inflation‑adjusted thresholds) and lowers the corporate tax rate to 5.325% by 2026. It creates a nonrefundable $205 credit for each qualifying child of Idaho residents for tax years 2018‑2025, and it repeals the existing parental choice tax credit and its advance‑payment fund. The changes affect all Idaho taxpayers, corporations, trusts, estates and families with children.

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