Idaho House Bill 376 Summary

• Moves the State Tax Commission's deadline for completing assessment equalization from a specific date to "during its meeting as the state board of equalization," occurring no later than the fourth Monday of August each year.

• Clarifies occupancy tax procedures by specifying that newly occupied improvements previously exempt on January 1 are subject to occupancy tax during that tax year but not property tax under section 63-602Y.

• Requires county assessors to notify landowners when yield taxes become due and payable, establishing notification deadlines of the fourth Monday in November (for January-June timber severing) and the fourth Monday in May (for July-December timber severing).

• Establishes penalties for owners who fail to report property occupancy or timber severance to the assessor, including monthly penalties up to 25% of the tax owed.

• Declares an emergency and makes all provisions retroactively effective to January 1, 2013.