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ID H0684
Bill
Status
3/14/2018
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Amends Section 63-3022, Idaho Code regarding adjustments to taxable income for corporations to conform with federal tax law changes in House Bill No. 463.
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Removes references to Internal Revenue Code sections 965 and 245A from the list of dividend-related deductions that corporations must add back to Idaho taxable income.
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Clarifies that corporations may deduct amounts under IRC Section 250 (relating to foreign-derived intangible income) as part of computing Idaho taxable income adjustments.
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Declares an emergency and provides retroactive application to January 1, 2018, allowing the changes to take effect immediately upon passage and approval.
Legislative Description
Amends H.B. 463 to revise conformity provisions to the IRS code regarding corporate income taxation.
INCOME TAXES
Last Action
Introduced, read first time; referred to: Local Government & Taxation
3/14/2018