Monday, January 23, 2012

Legislature considers taxing home sales

Some state legislators want to further tax home sales in an effort to recoup revenues lost by dropping the state sales tax back to 5 percent as they promised, after raising it to 6 percent several years ago.
The effort could be moot, however, because it's not supported by the GOP majority.
A group called Stop Unequal Taxation in Idaho wants to reform the sales tax code, but  GOP lawmakers argue it would hurt business because the plan eliminates many of the exemptions currently on the books.
Rep. Shirley Ringo, D-Moscow is among legislators who want to lower the overall tax rate while getting rid of many of the exemptions.
Without the exemptions, Ringo argues, there would be plenty of money to fund everything Idaho needs for education and other services.
The reform plan would reinstate sales tax for things like commercial aircraft, broadcast equipment, lottery tickets and professional services such as accounting, mechanical work, attorney and real estate services.
The group says reducing the overall sales tax but eliminating exemptions would net close to $350 million.
The proposal is unlikely to get a hearing in the Statehouse.

See more here: http://www.cdapress.com/real_estate/article_d6cff39e-840c-57fa-a64a-3d97a7f7f372.html

Ralph Bartholdt
Agent Keller Williams Coeur d'Alene 
http://www.kw.com/kw/agent/ralphbartholdt
208-582-1867

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