House Bill 170 Summary

• Amends Section 63-3022 of Idaho Code to revise adjustments to Idaho taxable income for individuals and corporations.

• Adds new subsection (q) allowing taxpayers to deduct amounts disallowed under federal excess business loss provisions that are treated as net operating loss carryforwards for federal purposes.

• Adds new subsection (r) requiring taxpayers to add excess business losses under Internal Revenue Code Section 461(l) and permits carrying forward these losses as Idaho net operating losses over the next 20 years with no carryback allowed.

• Declares an emergency and provides retroactive application to January 1, 2018.