ID H0013

Exempts property from taxation when a taxpayer makes a qualifying new capital investment of at least $1 billion during the project qualifying period, with net taxable value in excess of $400 million located within a single Idaho county.

Defines "qualifying period" as an 84-month period beginning at the first inspection of the permanent building structure following issuance of the building permit (but no earlier than January 1, 2008) and ending no later than 84 full months after the calendar year in which such inspection occurs.

Specifies that "new plant and building facilities" includes qualified investments as defined in section 63-3029B or buildings with structural components, equipment, materials and fixtures whether used at a project site or temporarily stored off-site in the county.

Includes all real property owned and all personal property owned, leased or rented in the calculation of qualifying new capital investment value, with leased or rented property counted only if the taxpayer is contractually liable for property taxes.

Declares an emergency and applies the act retroactively to January 1, 2010, and directs the state tax commission to adopt necessary implementing rules.