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ID H0604
Bill
Status
3/10/2014
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
House Bill 604 Summary
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Establishes personal property exemption of $100,000 for tax year 2014 and increases to $250,000 beginning January 1, 2015, for personal property located in each county.
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Creates new Section 63-412 defining personal property of operating property entities as specific percentages of Idaho allocated value (ranging from 40% for Electric and Non-Utility Generators to 100% for Railcars), with $100,000 exemption per Idaho county in 2014 and lesser of percentage-based amount or $250,000 per county in 2015 and beyond.
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Establishes Section 63-802B to compute personal property tax reimbursement from state sales tax distributions, with state tax commission certifying reimbursement amounts to counties by July 1, 2014 for tax year 2014 and by December 31, 2014 for tax year 2015 forward.
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Modifies personal property tax exemption recovery procedures to allow board of county commissioners to waive recovery, requires 7-year statute of limitations for assessment and collection, and clarifies fraud penalties and interest calculations.
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Declares emergency and applies act retroactively to January 1, 2014.
Legislative Description
Amends and adds to existing law to revise definitions; to revise provisions relating to an exemption; to provide for an exemption on and after January 1, 2015, to provide for the definition of a person, to establish provisions relating to exemptions for operating property, to establish provisions relating to certain lands, products, net profits, improvements and vehicles, aircraft and boats, to revise provisions relating to certain reimbursements, to remove language relating to certain lands, products, net profits, vehicles, aircraft and boats, to revise provisions relating to fraud and to revise provisions relating to late charges and interest; to establish provisions relating to the computation of personal property tax reimbursement, to establish provisions relating to tax year 2014 and 2015; and to establish provisions relating to the distribution to counties, appropriate taxing districts and appropriate urban renewal agencies.
PERSONAL PROPERTY TAXATION
Last Action
Reported Printed and Referred to Revenue & Taxation
3/10/2014