REPRESENTATIVE GREG CHANEY INTRODUCES PROPERTY TAX CUT
Idahoans Could Take Half of Their Property Tax Payment from State Income tax
(CALDWELL) Idaho State Representative Greg Chaney has introduced legislation that would reduce the weighty property tax burden on Idahoans.
Chaney’s legislation, H495, would allow Idahoans who receive the homeowner’s exemption to deduct up to half of their property tax payment from their state income tax liability in the form of a non-refundable income tax credit.
“As I talk to people in Caldwell, on thing is clear—property taxes are too high,” said Chaney, “That is why I have introduced legislation to reduce their property taxes.”
The proposed legislation would also allow an income tax credit by Idaho residents for up to ten percent of property taxes paid on rental property that would be redeemable in addition to any federally conforming income deduction for the same purpose.
“Our economy is booming and Idahoans have jobs at historic rates. At the same time we are cutting Idahoans’ taxes, cutting government red tape,” said Chaney, “This doesn’t happen by accident. The cost of housing is soaring, however, and Idahoans deserve tax policies to benefit Idahoans so we don’t end up renting our state back from out of state interests. I will continue to fight for policies that protect your freedoms and put more money in the pockets of Idahoans.”
Rep. Greg Chaney of Caldwell was first elected to the Idaho House of Representatives in 2014 and is the Chairman of the Judiciary, Rules, & Administration Committee.