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ID H0363
Bill
Status
2/13/2012
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Amends Idaho Code Section 63-3022 to prohibit deduction of passive losses and capital losses incurred by corporations during years when they did not transact business in Idaho.
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Allows corporations in a combined group to deduct passive losses and capital losses if at least one corporation in the group was conducting business in Idaho during the year the loss was incurred.
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Prohibits individuals and non-corporate entities from deducting passive losses and capital losses incurred in activities not taxable by Idaho.
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Declares an emergency and provides retroactive application to January 1, 2012.
Legislative Description
Amends existing law to provide treatment for certain passive losses for state income tax purposes incurred when a taxpayer did not conduct business in Idaho.
INCOME TAX
Last Action
Governor signed Session Law Chapter 10 Effective: 01/01/12
2/13/2012