Stimulus plan could dent Idaho tax revenue by $14M - Spokane, North Idaho News & Weather KHQ.com

Stimulus plan could dent Idaho tax revenue by $14M

BOISE, Idaho. - Idaho could lose $14.1 million in state tax revenue in 2010 and 2011 due to the federal economic stimulus package, if lawmakers match state tax code to changes in the Internal Revenue Service rules, as is custom.

Sen. Brent Hill, a Rexburg Republican and certified public accountant, said the loss would come as the state conforms its code to provisions in the $787 billion stimulus signed by President

Barack Obama last week, including temporarily suspending taxes on unemployment benefits and a sales tax deduction for vehicle purchases.

Despite the hit to state revenue, Hill recommends the 2009 Legislature make the changes.

Different state and federal tax codes could confuse taxpayers, cost businesses time and expense and wipe out positive effects of the stimulus, Hill said, adding Idaho has options, such as raising some tax rates or suspending the grocery tax credit expansion, to make up for any reduced revenue.

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