ID H0059

Revises the income tax credit for capital investment under Idaho Code Section 63-3029B to allow taxpayers to claim 3% of qualified investments made during the taxable year, subject to a 50% limitation on tax liability.

Clarifies that "qualified investment" includes property eligible for federal investment tax credit and qualified broadband equipment, but excludes motor vehicles under 8,000 pounds and property for which bonus depreciation deductions are claimed.

Modifies personal property tax exemption provisions for qualified investments placed in service in 2003 and thereafter, requiring taxpayers with negative taxable income to file elections with specific asset descriptions and making the election irrevocable once made.

Establishes recapture procedures requiring taxpayers to report to the tax commission and pay recapture amounts if investments cease to qualify, with recaptured property tax benefits distributed to appropriate county taxing districts.

Declares an emergency and makes the amendments retroactively effective to January 1, 2023, with references to Internal Revenue Code sections fixed as they existed prior to November 5, 1990.