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ID H0535
Bill
Status
Passed
3/24/2016
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
- Removes the requirement that more than one-half of a taxpayer's gross income come from farming or ranching operations for cattle or horses held for breeding, draft, dairy or sporting purposes for at least 24 months
- Eliminates the same gross income requirement for breeding livestock other than cattle or horses held at least 12 months
- Applies the gross income test to pass-through entities (S corporations and partnerships) based on the entity's income, allowing individual owners to claim the deduction on their distributive share if the entity qualifies
- Maintains the existing 60% capital gains deduction in Idaho taxable income for qualified property sales
- Takes effect retroactively to January 1, 2016, and is declared an emergency measure
Legislative Description
Amends existing law to revise the capital gains deduction for cattle, horses or breeding livestock.
INCOME TAXATION
Last Action
Reported Signed by Governor on March 24, 2016 Session Law Chapter 188 Effective: Retroactive to 01/01/2016
3/24/2016
Full Bill Text
No bill text available