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ID H0126
Bill
AI Summary
- Revises the special income tax credit for new employees under Idaho Code Section 63-3029F, changing the credit structure to $500 per employee in revenue-producing enterprises or $1,000 per employee earning $15.50+ per hour with health insurance coverage
- Requires new employees to earn at least $12.00 per hour and receive employer-provided health insurance coverage to qualify for the credit
- Maintains the total credit limitation at 3.25% of net income from the business where employment occurred, with combined credits not exceeding 50% of tax liability
- Allows unused credit carryovers to the three succeeding taxable years, with oldest unused credits applied first
- Declares an emergency, applies retroactively to January 1, 2011, and sunsets Section 1 on December 31, 2013
Legislative Description
Amends existing law to revise the income tax credit available to taxpayers for employing new employees.
INCOME TAX
Last Action
to Loc Gov
2/16/2011
Committee Referrals
Local Government and Taxation2/16/2011
Revenue and Taxation2/9/2011
Full Bill Text
No bill text available