Some numbers:
- Percent of Idaho businesses that are small businesses employing less than 50 people: 96%
- Percent of Idaho employees working in small businesses with fewer than 100 employees: 66%
- Percent of Idaho sales tax paid by businesses: about 33%
- Percent of the sales tax paid by families and individuals: about 66%
- Percent of the corporate and individual income tax paid by businesses: .00015%
- Percent paid by families and individuals: 99%
- Cost of IACI’s HB599 tax exemption: $120 million every year after the bill is fully phased in.
- Where would more than 80% or $103 million of the IACI $120 million go: To the 15% of Idaho’s largest businesses.
- Tax exemptions these businesses already get and thus taxes they already do not have to pay on the personal property they buy:
- –Idaho’s sales tax production exemption
- –Investment Tax Credits
- –179 Income Tax Deduction
- Cost of a smaller $50,000 personal property tax exemption for all businesses: $9 million
- Percent of businesses which have less than $50,000 in personal property anyway : aprox. 85%
- Percent of all Idaho businesses that would benefit from a $50,000 exemption: 100%
- Percent of benefit of $50,000 exemption going to small business: 44%
- Percent of benefit of $120 million IACI proposal going to small businesses: less than 20%
- Estimated tax shift from businesses to families and individuals if IACI bill passes: roughly $80 million
- IACI proposals which included a way for business to pay for this
tax exemption through extension of another business tax which their
members feel would be less onerous than the personal property tax: 0