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ID H0517
Bill
Status
3/13/2012
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Removes the prohibition on deductions for elementary and secondary school teacher expenses otherwise allowable under Internal Revenue Code section 62(a)(2)(D)
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Applies to taxable years commencing on and after January 1, 2001, in computing Idaho taxable income
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Maintains existing adjustments for depreciation of property acquired after September 10, 2001, without regard to IRC section 168(k)
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Extends the period of limitations for tax assessments and refunds to 3 years from the later of the return due date or filing date for years requiring adjustments under this section
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Declares an emergency and provides retroactive application to January 1, 2012
Legislative Description
Amends existing law to remove language disallowing deduction of certain expenses of elementary and secondary school teachers for state income tax purposes.
INCOME TAX
Last Action
Governor signed Session Law Chapter 59 Effective: 01/01/12
3/13/2012