Bill
Bill > H0412
ID H0412
ID H0412Amends House Bill 40, House Bill 304, and existing law to revise provisions regarding certain tax deductions, certain corporate income tax rates, certain protections for taxpayers, and certain sales tax distributions and to revise an effective date.
summary
Introduced
03/17/2025
03/17/2025
In Committee
03/18/2025
03/18/2025
Crossed Over
Passed
Dead
04/04/2025
04/04/2025
Introduced Session
2025 Regular Session
Bill Summary
RELATING TO TAXATION; AMENDING SECTION 63-3022A, IDAHO CODE, AS AMENDED IN SECTION 2 OF HOUSE BILL NO. 40, AS ENACTED BY THE FIRST REGULAR SESSION OF THE SIXTY-EIGHTH IDAHO LEGISLATURE, TO REVISE PROVISIONS REGARDING THE DEDUCTION OF MILITARY RETIREMENT PAY FROM TAXABLE INCOME; AMEND- ING SECTION 63-3025, IDAHO CODE, AS AMENDED IN SECTION 4 OF HOUSE BILL NO. 40, AS ENACTED BY THE FIRST REGULAR SESSION OF THE SIXTY-EIGHTH IDAHO LEGISLATURE, TO REVISE PROVISIONS REGARDING THE TAX ON CORPORATE INCOME; AMENDING SECTION 63-3633, IDAHO CODE, TO REVISE A PROVISION REGARDING THE PERIOD OF LIMITATION UPON ASSESSMENT AND COLLECTION OF CERTAIN TAXES; AMENDING SECTION 63-3045, IDAHO CODE, TO REVISE PRO- VISIONS REGARDING THE ACCRUAL OF INTEREST; AMENDING SECTION 63-3068, IDAHO CODE, TO REVISE A PROVISION REGARDING THE PERIOD OF LIMITATION FOR THE COLLECTION OF TAX; AMENDING SECTION 63-3638, IDAHO CODE, TO REVISE PROVISIONS REGARDING CERTAIN SALES TAX DISTRIBUTIONS; AMENDING SECTION 57-811, IDAHO CODE, AS AMENDED IN SECTION 2 OF HOUSE BILL NO. 304, IF ENACTED BY THE FIRST REGULAR SESSION OF THE SIXTY-EIGHTH IDAHO LEGIS- LATURE, TO REVISE PROVISIONS REGARDING THE TRANSFER OF CERTAIN FUNDS; AMENDING SECTION 3 OF HOUSE BILL NO. 304, IF ENACTED BY THE FIRST REGULAR SESSION OF THE SIXTY-EIGHTH IDAHO LEGISLATURE, TO REVISE AN EFFECTIVE DATE; AND DECLARING AN EMERGENCY, PROVIDING RETROACTIVE APPLICATION, AND PROVIDING EFFECTIVE DATES.
AI Summary
This bill amends several sections of Idaho tax law to make various changes to taxation and fiscal policies. It revises provisions related to military retirement pay deductions, allowing such deductions for military retirees who are disabled, over 62 years old, or were employed during the tax year with sufficient income to require filing a federal tax return. The bill also modifies corporate income tax rates, gradually reducing them from 7.6% in 2001 to 5.3% by 2025. Additionally, the legislation adjusts tax assessment and collection periods, changes interest accrual rules for tax deficiencies, and modifies sales tax distribution mechanisms. The bill alters how sales tax revenues are allocated to various state funds, including new provisions for distributing money to school district facilities, transportation, and homeowner property tax relief. It also makes changes to the tax relief fund, including transferring specific amounts to various state accounts like the school district facilities fund and the general fund. Most provisions of the bill will take effect on July 1, 2025, with some sections having retroactive application to January 1, 2025.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Revenue and Taxation Committee (H)
Last Action
House Revenue & Taxation Committee (09:00:00 3/21/2025 Room EW42) (on 03/21/2025)
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/2025/legislation/H0412/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2025/legislation/H0412.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2025/legislation/H0412SOP.pdf |
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