ID H0436

Removes the requirement that individual income tax apply only to taxable year 2001 and thereafter, making it applicable to all taxable years.

Establishes a 2021 Idaho Tax Rebate Fund with up to $220 million for 2020 tax year rebates (9% of 2019 tax or $50 per taxpayer/dependent, whichever is greater) and up to $350 million for 2021 tax year rebates (12% of 2020 tax or $75 per taxpayer/dependent, whichever is greater).

Allows taxpayers receiving 2021 rebates to voluntarily donate them to public schools, transportation, or parks and recreation, with the state tax commission reporting amounts redirected by December 31, 2022.

Transfers $180.94 million from the Tax Relief Fund to the 2021 Idaho Tax Rebate Fund immediately upon passage, and establishes ongoing annual transfers of $110 million (FY2022) and up to $204 million (FY2023 onward) from the Tax Relief Fund to the general fund.

Makes Sections 1-3 effective retroactively to January 1, 2022, and Section 4 effective upon passage and approval, with an emergency clause declared.