ID H0495

Allows individual Idaho resident taxpayers a nonrefundable income tax credit for property taxes paid on residential property in the state.

Provides a credit of up to 50% of property taxes paid on owner-occupied residential property that qualifies for the homeowner's exemption.

Provides a credit of up to 10% of property taxes paid on residential property owned by the taxpayer but not owner-occupied and not qualifying for the homeowner's exemption.

Permits taxpayers to claim both the 50% credit and 10% credit if they own qualifying properties in each category.

Becomes effective January 1, 2023, with the State Tax Commission authorized to promulgate rules for implementation.