ID H0276

Amends Idaho Code Section 63-3022O to revise how depreciation deductions are calculated for depreciable property acquired after September 10, 2001 and after December 31, 2009 by excluding subsection (k) of section 168 of the Internal Revenue Code.

Allows taxpayers to exclude additional depreciation claimed under federal law from Idaho taxable income adjustments if loss limitations under sections 465, 469, 704(d), and 1366(d) of the Internal Revenue Code prevent its use in the current federal tax year.

Requires loss limitations imposed by sections 465, 469, 704(d), and 1366(d) of the Internal Revenue Code to be calculated without regard to depreciation claimed under section 168(k) of the Internal Revenue Code.

Extends the assessment and refund limitation period to three (3) years from the later of either the return due date or actual filing date for years requiring adjustments under this section.

Declares an emergency and applies the amendments retroactively to January 1, 2021.