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ID H0206
Bill
Status
3/14/2017
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Amends Idaho Code Section 63-3022 to require individuals and corporations to add or subtract net capital gains or losses from precious metals bullion and monetized bullion sales included in federal adjusted gross income when calculating Idaho taxable income.
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Defines the treatment of such gains and losses by referencing the definitions of "precious metals bullion" and "monetized bullion" in Idaho Code Section 63-3622V.
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Applies separately to individuals (new subsection q) and corporations (new subsection r) in the adjustments to taxable income section.
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Becomes effective on January 1, 2018.
Legislative Description
Amends existing law to provide that capital gains and losses on precious metals bullion and monetized bullion sales be added to or subtracted from Idaho taxable income under certain circumstances.
INCOME TAXATION
Last Action
Introduced, read first time; referred to: Local Government & Taxation
3/15/2017