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ID H0676
Bill
Status
3/9/2018
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Adds intangible personal property held at least 12 months to the definition of "qualified property" eligible for Idaho's capital gains deduction under Section 63-3022H.
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Allows individual taxpayers to deduct 80% of capital gain net income in 2001 and 60% in subsequent years from the sale or exchange of qualified property in determining Idaho taxable income.
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Qualifies intangible personal property for the deduction only if the property had Idaho situs at the time of sale and was held for the required 12-month period using Internal Revenue Code Section 1223 holding period rules.
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Maintains technical corrections and clarifications regarding holding period calculations for property distributed by S corporations and other entities.
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Takes effect immediately upon passage and approval, with retroactive application to January 1, 2018.
Legislative Description
Amends existing law to provide for intangible personal property held at least twelve months under the definition of “qualifying property” for capital gains purposes.
INCOME TAXATION
Last Action
Reported Printed and Referred to Revenue & Taxation
3/12/2018