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ID H0714
Bill
Status
3/24/2022
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Revises Idaho Code Section 63-3022O to modify how bonus depreciation adjustments are calculated and applied for Idaho income tax purposes under Internal Revenue Code section 168(k)
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Allows taxpayers to suspend bonus depreciation add-backs in the current year when losses are limited under IRC sections 465, 469, 704(d), and 1366(d), with add-backs applied when suspended losses are later deducted
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Requires bonus depreciation add-backs to be calculated as the full amount less cumulative allowable depreciation for Idaho purposes, with adjustments for partial net add-backs in future periods
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Changes the effective date of Chapter 211, Laws of 2021 from January 1, 2021 to January 1, 2016, with special provisions allowing retroactive application to 2016 only for taxpayers who timely filed consistent original returns
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Declares an emergency and provides retroactive application to January 1, 2016
Legislative Description
Amends existing law to revise provisions regarding taxation of adjustments of certain bonus depreciation.
INCOME TAXES
Last Action
Reported Signed by Governor on March 24, 2022 Session Law Chapter 186 Effective: Retroactive to 01/01/2016 (for taxpayer with timely filed original tax return consistant with this act, otherwise retroactive to 01/01/2021)
3/24/2022