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ID H0004
Bill
Status
2/12/2013
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
H0004 Summary
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Revises adjustments to Idaho taxable income by requiring addition of state and local taxes measured by net income when a credit is allowable under Idaho law, preventing double tax benefits.
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Extends retirement benefit deductions to widowers in addition to widows, with similar age and disability requirements for eligibility.
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Requires energy efficiency upgrades deductions to apply only to primary residences located in Idaho.
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Limits technological equipment donation deductions to not exceed the taxpayer's cost of the equipment donated and prohibits reducing Idaho taxable income below zero.
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Extends backup withholding provisions to apply to pass-through entities and establishes retroactive effective dates: January 1, 2013 for most provisions and January 1, 2012 for energy efficiency upgrade provisions.
Legislative Description
Amends existing law relating to income taxes to provide that any taxes paid to another state on which a credit for taxes paid is allowed shall be added back to income to prevent a double benefit; adds the word "widower" for income tax treatment of certain benefits; provides that the deduction for donation of technological equipment shall not exceed the fair market value or cost of the donation; and provides application to backup withholding by pass-through entities.
TAX COMMISSION
Last Action
Reported Signed by Governor on February 12, 2013 Session Law Chapter 4 Effective: 01/01/13 Sections 1, 2, 4, & 5; 01/01/12 Section 3
2/12/2013