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ID H0102
Bill
AI Summary
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Updates Idaho Code Section 63-3004 to reference the Internal Revenue Code of 1986 as amended and in effect on January 1, 2011, rather than February 17, 2009
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Amends Section 63-3022O to exclude subsection (k) of IRC Section 168 when computing adjusted basis, depreciation, and capital gains and losses for depreciable property, reflecting changes from the "Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010" and the "Small Business Jobs Act of 2010"
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Maintains the prohibition on deductions for elementary and secondary teacher expenses under IRC Section 62(a)(2)(D)
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Extends the statute of limitations for assessing deficiencies or filing refund claims to three years from the later of the due date or actual filing date of the last taxable year requiring adjustment under this section
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Declares an emergency and provides retroactive application to January 1, 2010
Legislative Description
Amends existing law to update references to the Internal Revenue Code and to revise how the adjusted basis of depreciable property, depreciation and capital gains and losses shall be computed as a result of two 2010 Congressional enactments.
INCOME TAX
Last Action
Governor signed Session Law Chapter 1 Effective: 01/01/10
2/11/2011