ID H0559

Updates Idaho's Internal Revenue Code conformity date from January 1, 2025 to January 1, 2026, while maintaining that IRC section 85 applies as it was in effect on January 1, 2020.

Allows research and experimental expenditures incurred in taxable years beginning January 1, 2022 through December 31, 2024 to continue being expensed under pre-P.L. 119-21 rules rather than the amended federal provisions.

Expands bonus depreciation adjustment provisions to include both subsection (k) and new subsection (n) of IRC section 168, affecting how depreciable property basis, depreciation, and gains/losses are calculated for Idaho tax purposes.

Excludes amounts deducted or amortized under IRC sections 174 or 174A (research expenditures) from eligibility for Idaho's 5% research activities tax credit, which allows a 14-year carryforward period.

Declares an emergency and applies retroactively to January 1, 2025.