The House Ways & Means Committee met today, and among the new bills it introduced was one from Rep. Marv Hagedorn, R-Meridian, to cut both corporate and individual income taxes sharply over the next decade. However, that introduction is as far as the bill will go - it won't be getting a hearing during this year's legislative session. Here's a report from the Associated Press:

BOISE, Idaho (AP) — The House's tax committee won't be taking up a proposal to cut Idaho's tax rates, at least not this year. Idaho's corporate income tax rate is 7.6 percent; for individuals and small companies, it's as high as 7.8 percent. A bill introduced Monday in the House Ways and Means Committee aims to trim both to 4.9 percent over a decade. But with the 2010 Legislature likely in its final week, Rep. Dennis Lake, a Republican from Blackfoot who heads up the Revenue and Taxation Committee, says the measure will be fodder for discussion, not a formal hearing. Democrats complain the proposal would cut tax revenue to pay for needed services by $370 million annually by 2021. Rep. Marv Hagedorn, a Meridian Republican, argues lower taxes will lure companies, making up for lost revenue.

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