House Bill 713 - Summary

• Amends Section 63-3026B of Idaho Code to revise the taxation treatment and definitions for affected business entities (partnerships and S corporations that elect to be taxed under this section).

• Clarifies that "affected business entity income" includes all items of income, gain, loss, or deduction from Idaho sources, except portions apportioned to exempt entity members.

• Requires affected business entities to file elections annually by April 15 (the fifteenth day of the fourth month) following the close of the taxable year, with elections also valid if made by amended return before the original due date.

• Allows partnerships and S corporations electing under this section to calculate tax using corporate tax rates, with provisions for credits to flow through to members and unused net operating losses to carry forward to future election years.

• Declares an emergency and provides for retroactive application to January 1, 2021.