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ID H0595
Bill
AI Summary
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Amends Section 63-3021, Idaho Code to exclude theft losses from fraudulent investment arrangements from the net operating loss calculation requirement to add back standard and itemized deductions.
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Allows theft losses deductible under Internal Revenue Code Section 165(c)(2) to be treated as allowable deductions for Idaho net operating loss purposes.
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Maintains existing exemption for casualty losses under IRC Section 165(c)(3) pertaining to property physically located in Idaho.
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Declares an emergency and applies the amendment retroactively to January 1, 2008.
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Applies retroactively to all proceedings pending before the State Tax Commission, Board of Tax Appeals, or state courts on the effective date.
Legislative Description
Amends existing law to provide application of a theft loss from a fraudulent investment arrangement allowable as a deduction under section 165(c)(2) of the Internal Revenue Code for net operating loss purposes.
INCOME TAX
Last Action
to Rev/Tax
2/24/2010