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ID H0287
Bill
Status
3/12/2013
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Amends Idaho Code Section 63-3024 to change the inflation adjustment method for state income tax brackets from the Consumer Price Index to the Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
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Changes the base year for inflation calculations from 1998 to 2014 for computing the C-CPI-U adjustment factor
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Defines C-CPI-U as the 12-month average published by the U.S. Department of Labor and requires the State Tax Commission to adopt the index annually without undergoing rulemaking procedures
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State Tax Commission must annually apply the C-CPI-U adjustment factor to Idaho taxable income brackets to prevent inflation-driven tax increases
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Declares an emergency and makes the changes retroactively effective to January 1, 2013
Legislative Description
Amends existing law to use the Chained Consumer Price Index for all Urban Consumers as an inflation calculator for state income tax purposes.
INCOME TAX LAW
Last Action
Reported Printed and Referred to Revenue & Taxation
3/13/2013