Dustin Hurst reports some Idaho residents and businesses came one step closer Tuesday to having their state tax burdens lowered after the House Revenue and Taxation Committee approved a measure to do just that.

The bill, sponsored by Rep. Mike Moyle, R-Star, would lower the tax rates for top wage earners and businesses in the state. In all, the measure is expected to cut revenues by $35.7 million next year if it passes.

The measure would bring down LLC and individual tax rates from 7.8 percent to 7.4 percent and larger corporate rates would drop from 7.6 percent to 7.4 percent.

Moyle said his measure would spur job creation in the state by signaling that the state is business-friendly. “It makes Idaho more competitive with surrounding states,” Moyle said. “It also makes Idaho known on the map and sends the message to the world that Idaho is open for business.”