All Roll Calls
Yes: 90 • No: 15
IdahoH 00402025 regular legislative sessionHouseWALLET
TAXATION – Amends existing law to exempt certain precious metals from capital gains tax, lower the income tax rate, and exempt certain military benefits from income taxation.
Sponsored By: REVENUE AND TAXATION COMMITTEE
Signed by Governor
TAXATION
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Broader tax deduction for military retirees
Beginning January 1, 2025, Idaho expands its deduction for U.S. military retirement benefits, regardless of age or disability status. It covers retired service members and their unremarried surviving spouses. Recipients under 62 at year-end who are not disabled must have worked during the year. Their employment income must be high enough to require a federal tax return. The deduction cannot exceed qualifying benefits included in gross income or the applicable maximum Social Security benefit amount. Social Security and federal railroad retirement benefits received by the taxpayer or spouse reduce the deduction.
Idaho tax relief for bullion investors
Beginning January 1, 2025, Idaho provides tax relief for qualifying precious metal bullion gains. The law adjusts Idaho income for net capital gains or losses from precious metal bullion or monetized bullion. The bullion must meet Idaho's legal definition, and the amount must be included in federal adjusted gross income.
Lower Idaho income taxes for households
Beginning January 1, 2025, Idaho lowers its individual income tax rate from 5.695% to 5.3%. The rate applies to Idaho taxable income above $2,500, or $5,000 for joint filers. Surviving spouses and heads of household also get the $5,000 threshold. These thresholds adjust each year for inflation. The lower rate also covers trusts and estates required to file Idaho income tax returns.
Lower income taxes for Idaho corporations
Retroactive to January 1, 2025, Idaho lowers its corporate income tax rate from 5.695% to 5.3%. The lower rate applies to C corporations and qualifying S corporation income subject to Idaho corporate tax. For S corporations, this covers Idaho's share of certain built-in gains and excess passive income, not all pass-through income.
Sponsors & Cosponsors
Sponsor
REVENUE AND TAXATION COMMITTEE
Affiliation unavailable
Cosponsors
Jason A. Monks
Republican • House
Doug Ricks
Republican • Senate
Roll Call Votes
Senate vote • 3/4/2025
Senate Floor Vote
Yes: 27 • No: 8
House vote • 2/3/2025
House Floor Vote
Yes: 63 • No: 7
Actions Timeline
Reported Signed by Governor on March 6, 2025 Session Law Chapter 13 Effective: Retroactive to 01/01/2025
3/7/2025Delivered to Governor at 11:41 a.m. on March 5, 2025
3/7/2025Returned Signed by the President; Ordered Transmitted to Governor
3/5/2025SenateSigned by President; returned to House
3/5/2025SenateReceived from the House enrolled/signed by Speaker
3/5/2025SenateReported Enrolled; Signed by Speaker; Transmitted to Senate
3/4/2025HouseReturned from Senate Passed; to JRA for Enrolling
3/4/2025HouseRead third time in full – PASSED - 27-8-0
3/4/2025SenateRead second time; filed for Third Reading
2/17/2025SenateReported out of Committee with Do Pass Recommendation; Filed for second reading
2/14/2025SenateIntroduced, read first time; referred to: Local Government & Taxation
2/4/2025SenateReceived from the House passed; filed for first reading
2/4/2025SenateRead Third Time in Full – PASSED - 63-7-0
2/3/2025HouseRead second time; Filed for Third Reading
1/31/2025HouseReported out of Committee with Do Pass Recommendation, Filed for Second Reading
1/30/2025HouseReported Printed and Referred to Revenue & Taxation
1/24/2025HouseIntroduced, read first time, referred to JRA for Printing
1/23/2025House
Bill Text
Bill Text
Related Bills
H 0082, LIVESTOCK DEPREDATION CLAIMS – Amends existing law to provide for the payment of depredation claims that are deemed possible.
H 0090, PUBLIC ASSISTANCE – Amends existing law to require legislative action for certain changes to public assistance programs.
H 0013, RULES OF THE ROAD – Amends existing law to exempt UTVs that are equipped with a roll cage and seat belts from safety helmet requirements.
H 0065, WORKER’S COMPENSATION – Amends existing law to move the definition of “member of an employer’s family.”
H 0038, INSURANCE – Amends existing law to revise provisions of the Idaho Life and Health Insurance Guaranty Association Act.
H 0067, WORKER’S COMPENSATION – Amends existing law to increase maximum allowable burial expenses and to revise provisions regarding transportation expenses.