Idaho Bills
10 bills · 2024 Regular Session
Amends existing law to revise the definition of “Internal Revenue Code.”
34 – 0
Amends existing law to provide for the proration of the homestead exemption based on the change in status of the property.
Jeff Ehlers · HD-021B
Amends existing law to revise provisions regarding hospital property tax exemptions and to specify requirements to qualify for the exemption.
Amends existing law to provide for the proration of the homestead exemption based on the change in status of the property.
Jeff Ehlers · HD-021B
Amends and adds to existing law to revise provisions regarding the taxation of rate-regulated electric companies.
Amends and adds to existing law to revise provisions regarding the taxation of rate-regulated electric utilities.
This proposed legislation would replace property tax on rate-regulated utilities with a tax based on kilowatt hours sold.
Amends existing law to revise provisions regarding hospital property tax exemptions and to specify requirements to qualify for an exemption.
Amends, repeals, and adds to existing law to revise provisions regarding tax rates, school facilities funding, and school district bond and tax levy elections.
This legislation provides the largest state investment in school facilities through three main avenues. First, it dedicates $125 million in ongoing sales tax revenue to the new School Modernization Facilities Fund for bonding, while providing the legislature with expanded options to cover annual service on the bonds in the event of economic downturns. Second, this legislation increases the funding to the School District Facility Fund in two ways. It increases the sales tax revenue directed to the fund from 2.25% to 3.25% which is projected to be $25 million in FY 2025, and redirects existing lottery dividends to the fund, which is projected to be approximately $50 million in FY 2025. This fund will help school districts with paying down school bonds, levies, and plant facility levies, with any remaining funds being used at the district level for additional school facility projects. Third, this legislation reduces income taxes from 5.8% to 5.695%, allowing Idahoans to have more money to better support local bonds and levies related to school facilities. Additional changes and technical edits are made to related Code provisions. Combined, this bill provides unprecedented state support for school facility improvements in every school district in the state while ensuring appropriate accountability.
Treg Bernt · SD-021
23 – 11
Amends existing law to exempt certain farming equipment from sales tax.
This legislation clarifies that the structures and equipment used in the storage of small grains are exempt from sales taxes, including augers, dryers, fans, sweep augers, as well as equipment and supplies used in quality control functions.
34 – 1
Amends existing law to revise provisions regarding the burden of proof in assessments and to provide for the proration of the homestead exemption based on the change in status of a property.
This legislation relating to property taxes makes two changes. First, it provides that if a property taxpayer appealing their assessed value provides evidence that the assessment is not an accurate representation of fair market value, it has the effect of shifting the burden of proof back to the assessor. Second, it clarifies Idaho Code, which removed the April 15th homeowner’s exemption deadline for existing homes (properties going from a rental to a primary residence). It does this by directing that all 44 counties and the State Tax Commission implement the homeowner’s exemption in a uniform manner across Idaho by including the new formula of levy rates multiplied by the value of the home (either with or without the up to $125,000 homeowner’s exemption), multiplied by the days of ownership, divided by 365 or 366 days.