Bill

Bill > H0521


ID H0521

ID H0521
Amends, repeals, and adds to existing law to revise provisions regarding tax rates, school facilities funding, and school district bond and tax levy elections.


summary

Introduced
02/08/2024
In Committee
03/06/2024
Crossed Over
02/23/2024
Passed
03/26/2024
Dead
Signed/Enacted/Adopted
04/02/2024

Introduced Session

2024 Regular Session

Bill Summary

RELATING TO TAXATION; PROVIDING LEGISLATIVE FINDINGS AND INTENT; AMENDING SECTION 63-3024, IDAHO CODE, TO REVISE PROVISIONS REGARDING THE INCOME TAX RATE ON INDIVIDUALS, ESTATES, AND TRUSTS; AMENDING SECTION 63-3025, IDAHO CODE, TO REVISE PROVISIONS REGARDING THE CORPORATE INCOME TAX RATE; AMENDING SECTION 33-911, IDAHO CODE, TO REVISE PROVISIONS RE- GARDING THE SCHOOL DISTRICT FACILITIES FUND; AMENDING SECTION 33-102A, IDAHO CODE, TO REVISE PROVISIONS REGARDING THE APPOINTMENT OF AN EX- ECUTIVE OFFICER OF THE STATE BOARD OF EDUCATION AND TO PROVIDE FOR A CERTAIN REPORT; AMENDING SECTION 33-104, IDAHO CODE, TO REVISE PROVI- SIONS REGARDING THE CONDUCT OF MEETINGS OF THE STATE BOARD OF EDUCATION; AMENDING SECTION 34-106, IDAHO CODE, TO REMOVE A PROVISION REGARDING SCHOOL DISTRICT BOND AND PROPERTY TAX LEVY ELECTIONS; AMENDING SECTION 33-802A, IDAHO CODE, TO REVISE PROVISIONS REGARDING THE COMPUTATION OF SCHOOL BOND AND INTEREST LEVIES; REPEALING SECTION 33-905, IDAHO CODE, RELATING TO THE SCHOOL DISTRICT BUILDING ACCOUNT; REPEALING SECTION 33-906, IDAHO CODE, RELATING TO THE BOND LEVY EQUALIZATION SUPPORT PRO- GRAM; REPEALING SECTION 33-906A, IDAHO CODE, RELATING TO THE BOND LEVY EQUALIZATION FUND; REPEALING SECTION 33-906B, IDAHO CODE, RELATING TO A VALUE INDEX CALCULATION; AMENDING SECTION 33-907, IDAHO CODE, TO REVISE PROVISIONS REGARDING THE PUBLIC EDUCATION STABILIZATION FUND; AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-912, IDAHO CODE, TO ESTABLISH PROVISIONS REGARDING THE SCHOOL MODERNIZATION FACILITIES FUND; AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDI- TION OF A NEW SECTION 33-913, IDAHO CODE, TO PROVIDE FOR THE ISSUANCE OF BONDS FROM THE SCHOOL MODERNIZATION FACILITIES FUND; AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-914, IDAHO CODE, TO PROVIDE FOR THE ELECTION OF AN ANNUALIZED OR LUMP SUM DISTRI- BUTION FROM THE SCHOOL MODERNIZATION FACILITIES FUND; AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-915, IDAHO CODE, TO PROVIDE FOR A FIXED DISTRIBUTION FROM THE SCHOOL MODERNIZATION FACILITIES FUND; AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDI- TION OF A NEW SECTION 33-916, IDAHO CODE, TO PROVIDE FOR THE ELIGIBILITY OF SCHOOL DISTRICTS FOR SCHOOL MODERNIZATION FACILITIES FUND DISTRI- BUTIONS; AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-917, IDAHO CODE, TO PROVIDE FOR A SCHOOL DISTRICT'S USE OF FUNDS FROM THE SCHOOL MODERNIZATION FACILITIES FUND; AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-918, IDAHO CODE, TO PROVIDE FOR A

AI Summary

This bill: Amends Idaho's income tax rates, reducing the rate for individuals, estates, and trusts from 5.8% to 5.695%, and reducing the corporate income tax rate from 5.8% to 5.695%. It creates the School Modernization Facilities Fund to provide funding for school construction, renovation, and maintenance, and repeals several existing education funding programs like the bond levy equalization program. The bill also requires school districts to meet certain conditions to be eligible for funding from the new facilities fund, including maintaining 5-day school weeks and complying with non-discrimination requirements. Additionally, it redirects a portion of state sales tax revenue to the new facilities fund and homeowner property tax relief programs.

Committee Categories

Budget and Finance

Sponsors (48)

Ben Adams (R),  Chris Allgood (R),  Kevin Andrus (R),  Treg Bernt (R),  Judy Boyle (R),  Matt Bundy (R),  Van Burtenshaw (R),  David Cannon (R),  Rick Cheatum (R),  Kevin Cook (R),  Jeff Cornilles (R),  Brent Crane (R),  Jaron Crane (R),  Chenele Dixon (R),  Barbara Ehardt (R),  Jeff Ehlers (R),  Marco Erickson (R),  Rod Furniss (R),  Dan Garner (R),  Scott Grow (R),  Clay Handy (R),  Linda Hartgen (R),  Dori Healey (R),  Ted Hill (R),  James Holtzclaw (R),  Wendy Horman (R),  Greg Lanting (R),  Dave Lent (R),  Dustin Manwaring (R),  Lori McCann (R),  Stephanie Mickelsen (R),  Steve Miller (R),  Brandon Mitchell (R),  Jack Nelsen (R),  Doug Okuniewicz (R),  Joe Palmer (R),  James Petzke (R),  Jerald Raymond (R),  Jordan Redman (R),  Mark Sauter (R),  Geoff Schroeder (R),  Charlie Shepherd (R),  Bruce Skaug (R),  Julie VanOrden (R),  Jon Weber (R),  Josh Wheeler (R),  Kenny Wroten (R),  Julie Yamamoto (R), 

Other Sponsors (1)

Revenue and Taxation Committee (House)

Last Action

SECTION 17 (on 04/02/2024)

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