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Originally published Tuesday, February 28, 2012 at 11:42 AM

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Idaho: Income tax cut clears House committee

Idaho's top-earning individuals and businesses would get tax relief worth $35.7 million under a bill that has cleared a House committee.

The Associated Press

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BOISE, Idaho —

Idaho's top-earning individuals and businesses would get tax relief worth $35.7 million under a bill that has cleared a House committee.

The legislation presented by House Majority Leader Mike Moyle of Star would reduce the income tax from 7.6 to 7.4 percent for corporations and from 7.8 to 7.4 percent for individuals earning upwards of $36,000 before deductions.

The House Revenue and Taxation Committee voted 13-4 to advance the bill. Blackfoot Rep. Dennis Lake was the one GOP foe.

Moyle says the measure would telegraph Idaho's commitment to economic growth and help it compete with neighbors for new businesses.

Gov. C.L. "Butch" Otter supports the cut, for which he's vowed to set aside funds.

Lewiston Rep. John Rusche called it irresponsible when state agencies and programs are starved for funding.

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