On July 22, the Idaho secretary of state announced that an initiative that would increase income tax and corporate tax rates to provide additional education funding had submitted the required number of signatures for the November ballot.
Reclaim Idaho, the campaign behind the initiative, filed 95,269 signatures on May 2. In Idaho, the number of signatures required to qualify an initiated state statute for the ballot is 64,945, which is equal to 6% of the registered voters at the time of the state’s last general election. Idaho also has a distribution requirement that requires signatures from 6% of registered voters in 18 of the state’s 35 legislative districts. The secretary of state reported that Reclaim Idaho’s petition met the requirements in at least 19 legislative districts.
The initiative would amend state statute to increase the tax on income above $250,000 for individuals, trusts, and estates and above $500,000 for couples filing jointly to $16,097 plus 10.925%. The tax bracket would not be adjusted for inflation until 2025. The initiative would also increase the corporate income tax from 6% to 8%. The new tax brackets and tax rates would take effect on January 1, 2023.
