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Approximately $300 or more will be returned to you via your tax rebate

Getting excited about getting your approximate $300 or more tax rebate? Well, don’t worry; patience is the key.

The Idaho Legislature stated that the promised approximate $300 and up tax rebate for qualified taxpayers would be available soon. The Idaho State Tax Commission promised that the processing of payments would already have begun by late September 2022, and it was confirmed by the spokesperson of the commission, Renee Eymann, through an email.

Earlier this month, lawmakers passed a bill during a one-day special session that aimed to provide full-time Idaho residents who filed taxes in 2020 and 2021 with rebates worth 10% of their 2020 income tax or $300 whichever is greater. For joint filers, the minimum is $600. The commission estimates that 75,000 payments will soon be made each week.

Those who haven’t filed their 2020 or 2021 tax returns can still receive some rebates if they file their returns by December 31. Idaho residents who do not pay any income taxes but still file tax returns are eligible for rebates from the grocery tax. The rebate program will benefit full-time residents who did not pay income taxes but still filed tax returns the last two years if they sought the grocery tax credit. During a special session of the Idaho legislature this month, Gov. Brad Little called for $410 million in public school funding as well as tax cuts to bring the state’s inflation rate down to 40-year lows. The governor’s proposal also included a 5.8 percent flat tax for individuals and corporations, as well as rebates for low-income earners. The legislation also allocated $410 million to public schools and workforce development programs (Suppe, 2022).

 

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