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ID H0040
Bill
Status
3/7/2025
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Reduces Idaho income tax rate from 5.695% to 5.3% for individuals, estates, trusts, and corporations, effective retroactively to January 1, 2025
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Exempts capital gains and losses from sales of precious metal bullion and monetized bullion from Idaho taxable income
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Expands military retirement pay deduction to apply regardless of age or disability status for retired military members and their unremarried widows/widowers, provided those under 62 who are not disabled earned sufficient employment income to require filing a federal return
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Minimum corporate tax remains $20.00, with an exemption for nonproductive mining corporations
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Declared an emergency measure with retroactive application to January 1, 2025
Legislative Description
Amends existing law to exempt certain precious metals from capital gains tax, lower the income tax rate, and exempt certain military benefits from income taxation.
TAXATION
Last Action
Reported Signed by Governor on March 6, 2025 Session Law Chapter 13 Effective: Retroactive to 01/01/2025
3/7/2025