Idaho Bills
6 bills · 2018 Regular Session
Amends existing law to provide a date by which a taxpayer must notify the Idaho Tax Commission of a change to his federal taxable income or to the tax he pays to another state, and provides a penalty for a violation.
33 – 0
Amends existing law to allow for the use of net operating losses, Idaho credits and capital loss carryovers to offset an increase in taxable income due to a bonus depreciation adjustment.
33 – 0
Amends existing law to to provide for an automatic reduction in individual and corporate income tax rates upon the occurrence of certain revenue growth.
The purpose of this legislation is to create a plan to reduce taxes while acknowledging that sufficient funds must be available to sustain government services and functions and that additional funds are also necessary for inflation and population growth within the State. This legislation will reduce corporate and all individual tax brackets by 0.1% when revenue growth from year to year exceeds 6%. This process will repeat until the corporate tax rate and the top individual tax rate bracket reaches 6%. In addition, this legislation provides for a safety value that allows the governor and legislature to forgo the reduction if economic conditions necessitate.
48 – 20
Amends H.B. 463 to revise conformity provisions to the IRS code regarding corporate income taxation.
67 – 0
Adds to existing law to provide for a short line railroad nonrefundable tax credit for qualified railroad expenditures.
The purpose of this legislation is to authorize a non-refundable income tax credit for shortline transportation investment and maintenance into Idaho's shortline railroad infrastructure. Improved shortline rail infrastructure will allow heavier and fully loaded rail cars to move more product for less cost to a shipper, and improved railroad infrastructure will increase safety, efficiency and reliability. This legislation provides 50% income tax credit on the value of investment, capped at $3,500 per mile of track owned/operated by the shortline railroad in Idaho. If not used by the shortline railroad, credit is transferable only to railroad customers and vendors. The effective date is January 1, 2019 and sunsets in five years in 2024.
43 – 26
Amends existing law to provide a correct code reference regarding charitable contribution deduction calculations for part-year residents or nonresidents.
Section 63-3022U, passed in 2015, allowed a subtraction if a taxpayer was exceeding the five-year limit on charitable contribution carryovers. An unintended consequence of that statute was in the treatment of nonresidents. The current version of 63-3022U points to 63-3026A(4) for a nonresident to calculate a subtraction for any amount of charitable contribution carryover that is lost by exceeding five years. Paragraph (4) creates a circular reference, the correct paragraph should be 63-3026A(6). This bill corrects that problem by replacing the reference to paragraph (4) with a reference to paragraph (6).
33 – 0