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ID H0659
Bill
Status
3/5/2018
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Revises Section 63-3022(d) to allow corporations a deduction equal to a percentage of income recognized under Internal Revenue Code Section 965, calculated by comparing the Section 965 deduction to the amount included in income, applied to Idaho taxable income after excluding previously taxed income.
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Increases the exclusion for foreign dividends in Section 63-3027C(c)(3) from 85% to 100%, meaning all dividends from foreign corporations and certain foreign-source income are now excluded from apportionable income.
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Removes conditional language in Section 63-3027E(b) regarding mandatory spreadsheet filing requirements, replacing the 85% exclusion with an 80% exclusion for taxpayers electing to forego filing the spreadsheet.
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Makes technical corrections to code references and language throughout the affected sections relating to water's-edge corporate reporting and dividend treatment.
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Declares an emergency and provides retroactive application to January 1, 2018, with the Section 965 deduction provision effective retroactively to January 1, 2017.
Legislative Description
Amends existing law to revise the taxation of a corporation's foreign income, to increase the deduction from Idaho taxable income for foreign dividends, and to remove language regarding certain conditional water's-edge corporate reporting requirements.
TAXES
Last Action
Reported Printed and Referred to Revenue & Taxation
3/6/2018