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ID H0021
Bill
Status
2/1/2021
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Exempts businesses owned and operated exclusively by persons under 18 years of age from city licensing, permitting, and fee requirements under Section 50-307, Idaho Code.
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Exempts sales by businesses owned and operated exclusively by persons under 18 years of age from state sales and use taxes, provided gross receipts do not exceed $10,000 per year, under Section 63-3622K, Idaho Code.
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Makes technical corrections to Section 63-3622K regarding corporate asset transfers, changing references from "which" to "that" in subsections (vi) and (vii).
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Maintains existing exemptions for occasional sales including transfers between family members, 4-H and FFA club animal sales, and home yard sales (limited to two per person per calendar year).
Legislative Description
Amends existing law to provide an exemption from local licensing and fee requirements for businesses owned and operated by persons under age 18 and to excuse them from paying sales and use tax in certain instances.
BUSINESSES OWNED BY MINORS
Last Action
Introduced, read first time; referred to: Local Government & Taxation
2/2/2021