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ID S1241
Bill
Status
1/19/2024
Primary Sponsor
Tammy Nichols
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AI Summary
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Creates the Idaho Young Entrepreneurs Act establishing exemptions for businesses owned and operated solely by persons under 18 years of age from city licensing, permitting, and fee requirements.
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Exempts young entrepreneur businesses from state sales taxes under Idaho Code Chapter 36, Title 63, as long as gross receipts do not exceed $10,000 per year.
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Adds a new subsection to Idaho Code Section 63-3622K defining sales by businesses owned and operated solely by persons under 18 years of age as "occasional sales" exempt from sales tax, subject to the $10,000 annual gross receipt limit.
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Effective date is January 1, 2025.
Legislative Description
Amends and adds to existing law to establish exemptions from certain licensing and taxation for businesses owned by young entrepreneurs.
BUSINESS
Last Action
Reported Printed; referred to Local Government & Taxation
1/22/2024