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ID H0558
Bill
Status
2/13/2018
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Aligns Idaho's Internal Revenue Code applicability to January 1, 2018 for taxable years beginning on or after that date, with IRC sections 965 and 213 applied as in effect on December 31, 2017.
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Creates new IRC section 63-3021B allowing taxpayers to carry forward for up to 20 years amounts disallowed under IRC section 461(l)(2) regarding excess business loss limitations.
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Reduces individual income tax rates across all brackets by approximately 0.8 percentage points (e.g., top rate drops from 7.4% to 7.1%) and reduces corporate income tax rate from 7.4% to 7.1%.
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Adds $4,150 dependent deduction per dependent for individuals for tax year 2018 and thereafter, adjusted annually for inflation using the consumer price index method.
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Adds back any amounts deducted under IRC section 199A (qualified business income deduction) when calculating Idaho taxable income.
Legislative Description
Repeals, adds and amends existing law to provide for applicability of the Internal Revenue Code to different tax years; to allow to a taxpayer a carryforward for certain amounts disallowed in the calculation of next taxable income; to revise the calculation of net taxable income for corporations; to reduce the individual and corporate income tax rate.
TAXES
Last Action
Reported Printed and Referred to Revenue & Taxation
2/14/2018