Idaho Gov. Brad Little late Thursday signed a massive tax cut and education spending bill made possible by the state’s projected $2 billion budget surplus.
The Republican governor signed the bill after it made a speedy trip through the Legislature in a one-day special session, passing the House 55-15 and the Senate 34-1.
The legislation has a $410 million annual increase through sales taxes for education as well as a $500 million income tax rebate this year. The bill also has an ongoing $150 million income and corporate tax cut by creating a 5.8% flat tax.