HB 365 Summary

• Clarifies net operating loss deduction rules for Idaho taxable income by specifying that carryback is limited to $100,000 over two preceding years, with remaining losses carried forward up to 20 years, or taxpayer may elect to forgo carryback entirely under IRC Section 172(b)(3) procedures.

• Amends depreciation and basis rules for depreciable property acquired after September 10, 2001, and before December 31, 2007, to be computed without regard to IRC Section 168(k), including adjustments to gains, losses, and capital gains.

• Corrects a citation in Section 63-3029I relating to the income tax credit for broadband equipment investments.

• Removes obsolete and surplus language from Section 63-3067 regarding the state refund account and fund distribution provisions.

• Declares an emergency and provides retroactive application to January 1, 2012.