Paradigm Tax Group Industry News

Paradigm Tax Group Industry News

Stay informed with the most current Industry News that affects your business and impacts property taxes across the nation.

    Idaho's Personal Property Tax Targeted

    19 Oct, 2012

    Predictions from the Senate claim that the 2013 Legislature will repeal Idaho's business personal property tax. According to the Idaho Statesman, the repeal will require the state to replace revenue collected by local governments estimated at between $133 million and $143 million, and to phase in the repeal over six years. The basis behind the repeal is to attract more businesses to the state while rewarding those already there.

    Business personal property tax accounts for 9% of property taxes in Idaho, but varies from as much as 45% in Caribou County to 7% in Ada County. Many are still concerned over what could become a lack of funding to local services like police, parks and the arts, factors that could cause employees at these businesses to not want to relocate with them. Fourteen states in total have exempted personal property tax, but only Hawaii in the West.

    To read the full article from the Idaho Statesman, click here.

    Topics: Personal Property, Industrial & Manufacturing, Idaho, Economy