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ID H0602
Bill
Status
3/5/2020
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Amends Idaho Code Section 63-3022 to exclude capital gains and capital losses from sales of precious metal bullion and monetized bullion from Idaho taxable income.
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Applies to both individuals and corporations selling gold and silver that meet the definition of precious metal bullion or monetized bullion under Idaho Code Section 63-3622V.
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Requires taxpayers to add net capital losses or subtract net capital gains from federal taxable income related to these precious metal sales when calculating Idaho taxable income.
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Effective date is January 1, 2021.
Legislative Description
Amends existing law to provide that capital gains and capital losses on sales of precious metals bullion and monetized bullion be excluded from Idaho taxable income.
INCOME TAXES
Last Action
Reported Printed and Referred to Revenue & Taxation
3/6/2020