Residents of Idaho might soon get the tax rebate that legislatures earlier this month state have promised. It is expected that the state tax commission to begin processing the tax rebates of Idaho from the special session later this month.
Who Will Get The Tax Rebates In Idaho?
Early this month, a bill during a one-day Special Session to direct worth $500 million to income tax refund was approved by the state legislature. Gov. Brad Little called the Special Session to handle the inflation.
Full-time Idaho residents on the other hand who filed their tax returns back in 2020 and 2021 will get a rebate of up to $300 for single or head-of-household filers or an amount of $600 for joint filers.
Eligible members of service using Form 43 or Form 40 when filing their tax return will either receive $300 or $600 or a 10% of the tax amount reported on those two forms, whichever is greater.
These amounts are based on what the taxpayers have reported on their 2020 Idaho tax returns. Those taxpayers who have not yet filed their 2020 and 2021 tax returns can receive the Idaho tax rebate if they filed both of the returns last Dec. 31.
Full-time residents who didn’t pay income taxes but filed tax returns for the last two years could also be eligible for the tax rebate. They have estimated weekly that the commission will send for about 75,000 payments, and the rebate will mostly benefit moderate- and low-income households.
The tax rebate will be given first to the taxpayers that are eligible for direct deposit or have already provided their bank account details on their 2021 tax returns. All of the other eligible taxpayers will get a physical check delivered to the most recent address that the state tax commission has on file for them.
The state’s tax commission says that they are starting on processing payments for the 2022 Special Session rebate in late September, issuing them to eligible taxpayers in order of the dates they have received the 2021 tax returns.