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ID H0198
Bill
Status
3/7/2023
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Amends Idaho Code Section 63-3045 to revise interest accrual provisions on income tax deficiencies, specifying that interest does not accrue during the audit notice period or during the protest period following a notice of deficiency.
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Amends Idaho Code Section 63-3632 to align sales tax deficiency interest calculations with the methodology established in Section 63-3045.
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Interest rate on tax deficiencies is set at 2% plus the federal midterm rate determined under Internal Revenue Code Section 1274(d) as of September 15 of the preceding calendar year, rounded to the nearest whole number.
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Declares an emergency and applies the changes retroactively to January 1, 2023.
Legislative Description
Amends and adds to existing law to create property tax relief by creating the School District Facilities Fund and the Homeowner Property Tax Relief Account, both of which are funded by state moneys.
PROPERTY TAXES
Last Action
Filed in Office of the Chief Clerk
3/28/2023