Loading chat...
ID H0402
Bill
Status
3/13/2014
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
H.B. 402 Summary
-
Adds new Section 63-3021A to allow taxpayers with excess inclusion income (as defined by Internal Revenue Code Section 860E) to deduct net operating losses in other tax years by removing the excess inclusion income from gross income calculations.
-
Amends Section 63-3027 to require corporations with excess inclusion income in a combined report to report that income as taxable income per Section 63-3011B, Idaho Code, while allowing net operating loss deductions in other years with excess inclusion income deducted from gross income.
-
Applies retroactively to January 1, 2014, and declares an emergency effective date upon passage and approval.
Legislative Description
Amends and adds to existing law relating to income taxation to provide for the calculation of a net operating loss when income is determined by excess inclusion income; and to determine the income of a corporation to be included in a combined report when one or more corporations included in a combined report have excess inclusion income for a tax year.
INCOME TAXES
Last Action
Reported Signed by Governor on March 13, 2014 Session Law Chapter 74 Effective: 01/01/2014
3/13/2014