KBOI reports that Governor C.L. “Butch” Otter signed a bill Thursday that will lower taxes on the highest individual tax rate in the state and the corporate tax rate.

Idahoans who were in the highest tax bracket, those who have over $20,000 in taxable income, will have their rate lowered to 7.4 percent down from 7.8 percent.

In fact, the $20,000 and up tax bracket is being eliminated completely.   The highest state tax bracket is now for people with over $7,500 in taxable income.