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ID H0563

Bill

Official Source

Status

Passed

4/5/2012

Primary Sponsor

Revenue and Taxation Committee

Click for details

Origin

House of Representatives

2012 Regular Session

AI Summary

  • Reduces the individual income tax rate on Idaho taxable income over $7,500 from 7.8% to 7.4%
  • Reduces the corporate income tax rate from 7.6% to 7.4% for taxable years commencing on or after January 1, 2001
  • Applies the same 7.4% rate to S corporations' net recognized built-in gain and excess net passive income attributable to Idaho
  • Maintains the $20 minimum tax requirement for corporations, except nonproductive mining corporations
  • Takes effect retroactively to January 1, 2012, with an emergency clause declared

Legislative Description

Amends existing law to reduce the individual income tax rate for Idaho taxable income over $7,500 to 7.4% and to reduce the corporate income tax rate to 7.4%.

INCOME TAXATION

Last Action

Governor signed Session Law Chapter 321 Effective: 01/01/12

4/5/2012

Committee Referrals

Local Government and Taxation3/2/2012
Revenue and Taxation2/20/2012

Full Bill Text

No bill text available