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ID H0296
Bill
AI Summary
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Excludes amounts for which section 168(k) or section 179 deductions are allowed under the Internal Revenue Code from qualifying as "qualified investments" for Idaho income tax credit purposes.
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Updates references to Internal Revenue Code sections 46, 48, and 49 to mean those sections as they existed prior to November 5, 1990, rather than current versions.
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Clarifies that the provisions of section 49 of the Internal Revenue Code shall be disregarded when determining if property is a qualified investment.
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Declares an emergency and provides retroactive application of the law to January 1, 2010.
Legislative Description
Amends existing law relating to the income tax credit for capital investment to revise what a qualified investment shall not include and to revise references to the Internal Revenue Code.
INCOME TAX CREDIT
Last Action
Governor signed Session Law Chapter 271 Effective: 01/01/10
4/8/2011