Repeal personal property tax on businesses. Hooray for Raul Labrador who has an economic development plan that will eliminate barriers for businesses in Idaho.
As a business owner, one of the most difficult time-consuming and revenue-sucking burdens is complying with the personal property tax. This tax on business personal property is one of the most onerous and unfair taxes my business must deal with.
First, I pay sales tax to the county on all of my business equipment and furnishings. Then every year I pay on the depreciated value of those very same pieces of equipment and furnishings. Double taxation is bad enough, but the annual tracking and reporting is even worse.
Over the years, there have been more and more exemptions to the personal property laws. It's been studied and tweaked. But now it's time to fully eliminate this tax on business.
My vote goes to Raul Labrador who — as governor — will work with the business community, counties and the legislature to finally get the personal property tax eliminated.