There are five basic legal forms of business structures found in the United States: C corporations, S corporations, sole proprietorships, partnerships, and Limited Liability Companies (LLCs). In order to understand...
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- Local Option Sales Taxes in Idaho?
Local Option Sales Taxes in Idaho?
After a meeting on September 20, the Idaho Chambers Alliance has decided it will make discussions of allowing Idaho localities to collect local option sales taxes a top priority for the coming legislative session. The Alliance, which is made up of over 20 local Chambers of Commerce, has had a tenuous position on the issue until recently, with only 6 participating chambers expressly voicing their support on the Alliance website for the new taxing authority.
A 2008 Legislative Position Statement by the Rexburg chamber stated that "there is a strong difference of opinion among the businesses we represent on the issue of local option taxes," and they "await further details on the specifics of any proposed legislation before taking a position for or against such a bill."
While most Idaho localities are not authorized by the state to institute local option sales taxes, some special cases allow resort cities and resort counties to do so. According to Sales Tax Clearinghouse, there are local sales taxes in Lava Hot Springs, Stanley, Ketchum, Sun Valley, Driggs, Donnelly, and the county of Nez Perce. The highest of these is 2.5 percent in Stanley. The statewide rate is 6 percent.
Idaho ranks 36 (1 being the highest rate and 50 being the lowest) in the recent Ranking State and Local Sales Taxes report published by the Tax Foundation.
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