House Bill 563 Summary

• Changes terminology from "business" and "nonbusiness" income to "apportionable income" and "nonapportionable income" in Idaho's corporate income tax provisions for multistate and unitary corporations.

• Revises the apportionment formula for electrical corporations, telephone corporations, communications companies, and certain other businesses to allow election of a three-factor formula (property, payroll, and sales) instead of requiring a four-factor formula.

• Provides correct code references and makes technical corrections throughout Idaho Code sections 63-3027, 63-3022, 63-3029G, 63-3029I, and 63-4406 to ensure consistency with terminology changes.

• Declares an emergency and makes the act effective retroactively to January 1, 2022.