Bill
Bill > S1241
ID S1241
ID S1241Amends and adds to existing law to establish exemptions from certain licensing and taxation for businesses owned by young entrepreneurs.
summary
Introduced
01/19/2024
01/19/2024
In Committee
01/22/2024
01/22/2024
Crossed Over
Passed
Dead
04/12/2024
04/12/2024
Introduced Session
2024 Regular Session
Bill Summary
RELATING TO THE IDAHO YOUNG ENTREPRENEURS ACT; AMENDING CHAPTER 3, TITLE 50, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 50-307A, IDAHO CODE, TO ES- TABLISH PROVISIONS REGARDING THE IDAHO YOUNG ENTREPRENEURS ACT; AMEND- ING SECTION 63-3622K, IDAHO CODE, TO PROVIDE AN EXEMPTION FOR CERTAIN BUSINESSES FROM THE DUTY TO COLLECT AND REMIT SALES TAXES; AND PROVIDING AN EFFECTIVE DATE.
AI Summary
This bill amends and adds to existing law to establish exemptions from certain licensing and taxation for businesses owned by young entrepreneurs. Specifically, it creates the "Idaho Young Entrepreneurs Act" which exempts businesses owned and operated solely by persons under 18 years of age from any licensing, permitting, or fee requirements imposed by a city. Additionally, it exempts sales by such businesses from the state's sales tax, as long as the business's gross receipts do not exceed $10,000 per year. The bill also amends the existing law on "occasional sales" to include an exemption for sales by businesses owned by young entrepreneurs under the new act. The bill will take effect on January 1, 2025.
Committee Categories
Budget and Finance, Justice
Sponsors (1)
Last Action
Reported Printed; referred to Local Government & Taxation (on 01/22/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2024/legislation/S1241/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/S1241.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/S1241SOP.pdf |
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