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ID H0184
Bill
Status
3/21/2013
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
HB 184 Summary
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Net operating losses for taxable years commencing on or after January 1, 2013 may be carried back up to $100,000 to the two immediately preceding taxable years only if an amended return is filed within one year of the end of the loss year.
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Any net operating loss not used in the two-year carryback period may be subtracted from income in the next twenty years following the loss year until exhausted.
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Net operating losses incurred by corporations not transacting business in Idaho during the loss year cannot be deducted, except when combined with other corporations in an affiliated group that was conducting Idaho business.
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Claims for net operating loss carrybacks from taxable years commencing after 2012 must be made pursuant to section 63-3022 rather than the general refund claim procedures in section 63-3072.
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The act becomes effective immediately upon passage and applies retroactively to January 1, 2013.
Legislative Description
Amends existing law relating to income tax to revise a time period relating to a net operating loss carryback, to remove language relating to net operating loss subtracted from income, to remove language defining a term, to establish provisions relating to a net operating loss for any taxable year commencing on or after January 1, 2013, to establish provisions relating to the subtraction of a portion of a net operating loss and to define a term; and to revise provisions relating to a claim for credit or refund that relates to an overpayment attributable to a net operating loss carryback.
INCOME TAX
Last Action
Reported Signed by Governor on March 21, 2013 Session Law Chapter 112 Effective: 01/01/13
3/21/2013