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ID H0085
Bill
Status
3/11/2015
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
House Bill No. 85 Summary
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Amends Idaho Code Section 63-3022H to allow owners, members, or partners to include the entity's holding period when calculating their own holding period for capital gains deduction purposes on distributed property.
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Applies to property distributed by S corporations or entities treated as partnerships, regardless of whether the distribution is a liquidating or non-liquidating distribution.
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Allows the extended holding period to apply to qualifying property that meets Idaho's definition of real property, tangible personal property, livestock, or timber, subject to the existing holding period requirements (12-24 months depending on property type).
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Takes effect immediately upon passage and approval, with retroactive application to January 1, 2015.
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Declared an emergency measure by the legislature.
Legislative Description
Amends existing law to provide that the holding period of qualifying property that was distributed by an S corporation or an entity treated as a partnership to a person who was an owner, member or partner at the time of the distribution shall, for that person, include the amount of time the S corporation or the entity held the property, regardless of whether the distribution was a liquidating distribution.
INCOME TAX
Last Action
Reported Signed by Governor on March 11, 2015 Session Law Chapter 41 Effective: 01/01/2015
3/11/2015