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ID H0276
Bill
Status
3/11/2013
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Establishes that a percentage of operating property value represents personal property for various utility industries (ranging from 55% for electric companies to 100% for railcar companies and water transportation).
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Creates a phase-in schedule from 2013-2019 that gradually exempts all personal property from taxation, beginning with $100,000 in 2013 and reaching 100% exemption by 2019.
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Directs the State Tax Commission to compute and certify amounts of personal property value exempt from taxation to each county by the first Monday in September annually.
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Establishes a personal property tax reimbursement system where the state reimburses counties and taxing districts for lost tax revenue during the phase-out period, with reimbursement amounts phased in matching the exemption schedule.
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Provides exceptions for gas, water, and electric companies whose rates are regulated by the Idaho Public Utilities Commission, limiting exemptions to property acquired after January 1, 2013.
Legislative Description
Adds to, repeals and amends existing law relating to personal property tax to establish provisions defining personal property of operating property as a percentage of a certain total value, to provide that the State Tax Commission will compute an amount of property value exempt from certain taxation and establishing other provisions relating to personal property tax exemptions.
PERSONAL PROPERTY TAX
Last Action
Reported Printed and Referred to Revenue & Taxation
3/12/2013