Bill
Bill > H0648
ID H0648
ID H0648Amends existing law to provide that taxing districts must deduct certain sales and use tax revenue growth from the property tax budget limitations.
summary
Introduced
02/16/2022
02/16/2022
In Committee
03/07/2022
03/07/2022
Crossed Over
03/04/2022
03/04/2022
Passed
Dead
03/31/2022
03/31/2022
Introduced Session
2022 Regular Session
Bill Summary
TAXATION -- Amends existing law to provide that taxing districts must deduct certain sales and use tax revenue growth from the property tax budget limitations.
AI Summary
This bill amends existing law to require taxing districts in Idaho to deduct a portion of their sales and use tax revenue growth from the property tax budget limitations. Specifically, beginning in tax year 2022, the dollar amount of property tax levied for the previous three tax years must be reduced by 50% of the amount by which the district's sales and use tax revenue for the 12 months ending June 30 of the current year exceeded the previous year's revenue. This reduced budget amount will then serve as the base for calculating the maximum property tax budget. The bill also includes an emergency clause, making it effective on July 1, 2022.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Revenue and Taxation Committee (H)
Last Action
Introduced, read first time; referred to: Local Government & Taxation (on 03/07/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2022/legislation/H0648/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2022/legislation/H0648.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2022/legislation/H0648SOP.pdf |
Loading...