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ID H0600
Bill
Status
4/4/2014
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Amends Idaho Code Section 63-3022O to clarify that subsection (k) of Internal Revenue Code Section 168 does not apply to depreciable property acquired after December 31, 2009.
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Removes references to the "Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010" and the "Small Business Jobs Act of 2010" from the statute.
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Requires adjusted basis, depreciation, and gains/losses for qualifying depreciable property to be computed without regard to IRC Section 168(k), regardless of the federal amendments listed.
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Maintains that adjustments apply to pass-through entities and their partners, shareholders, members, or beneficiaries for Idaho income tax purposes.
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Declares an emergency and provides retroactive application to January 1, 2013.
Legislative Description
Amends existing law to clarify that a certain section of the Internal Revenue Code shall not apply to assets acquired after a certain date and to remove references to certain congressional enactments.
INCOME TAXATION
Last Action
Reported Signed by Governor on April 4, 2014 Session Law Chapter 341 Effective: 01/01/2013
4/4/2014