Loading chat...
ID H0109
Bill
Status
4/6/2015
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
-
Amends Section 63-3022H of Idaho Code to revise the definition of "real property" for purposes of the capital gains deduction available to individual taxpayers.
-
Expands the definition of real property to explicitly include qualified conservation easements, grazing permits or leases from federal or state land agencies (if transferred with base property), and section 1250 property conveyed in perpetuity.
-
Excludes property that has been depreciated under Internal Revenue Code Section 1245 from eligibility to be treated as real property for the capital gains deduction.
-
Applies retroactively to all taxable years beginning on or after January 1, 2010, with an emergency declaration for immediate effect upon passage and approval.
Legislative Description
Amends existing law to revise the definition of "real property" for capital gains purposes and to provide that property that has been depreciated is not eligible to be treated as real property.
INCOME TAX
Last Action
Reported Signed by Governor on April 6, 2015 Session Law Chapter 269 Effective: 04/06/2015 and retroactively to all taxable years beginning on or after 01/01/2010
4/6/2015