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ID H0384
Bill
Status
2/15/2018
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Amends Section 63-3022O, Idaho Code, to allow taxpayers to use tax credits and loss carryovers to mitigate increased tax liability resulting from Section 168(k) adjustments in closed tax years.
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Specifies that after the standard limitation period expires, only items of basis, deductions, gains, or losses computed without regard to Section 168(k) of the Internal Revenue Code shall be subject to adjustment.
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Explicitly permits the use of Idaho credits, net operating loss deductions, and capital loss carryovers to offset adjustments related to Section 168(k) bonus depreciation provisions.
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Applies to taxable years commencing on and after January 1, 2001, for property acquired after September 10, 2001, and before December 31, 2007, and for property acquired after December 31, 2009.
Legislative Description
Amends existing law to allow for the use of net operating losses, Idaho credits and capital loss carryovers to offset an increase in taxable income due to a bonus depreciation adjustment.
INCOME TAXES
Last Action
Reported Signed by Governor on February 15, 2018 Session Law Chapter 7 Effective: 07/01/2018
2/15/2018