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H0762...............................................by REVENUE AND TAXATION
PROPERTY TAX - Amends existing law to exclude contracts and contract rights
relating to the sale of electric power by nonregulated electric power
generators from the exemption to property taxation for intangible personal
property.
03/20 House intro - 1st rdg - to printing
03/21 Rpt prt - to 2nd rdg
03/22 2nd rdg - to 3rd rdg
Rules susp - PASSED - 59-0-11
AYES -- Alltus, Barraclough, Barrett, Bell, Bieter, Black, Boe,
Bruneel, Callister, Campbell, Chase, Clark, Crow, Deal, Denney,
Ellsworth, Field(13), Field(20), Gagner, Geddes, Gould, Hammond,
Hansen(29), Henbest, Hornbeck, Jaquet, Judd, Kellogg, Kempton,
Kendell, Lake, Linford, Loertscher, Mader, Marley, McKague, Meyer,
Montgomery, Mortensen, Moss, Moyle, Pearce, Pischner, Pomeroy,
Reynolds, Ridinger, Ringo, Robison, Sali, Schaefer, Sellman,
Shepherd, Smith, Smylie, Stevenson, Stoicheff, Stone, Taylor,
Zimmermann
NAYS -- None
Absent and excused -- Cheirrett, Cuddy, Hadley, Hansen(23), Jones,
Kunz, Tilman, Trail, Wheeler, Wood, Mr Speaker
Floor Sponsor - Bell
Title apvd - to Senate
03/23 Senate intro - 1st rdg - to Loc Gov
H0762
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 762
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO EXEMPTIONS FOR PROPERTY TAX; AMENDING SECTION 63-602L, IDAHO CODE,
3 TO EXCLUDE FROM THE EXEMPTION FOR INTANGIBLE PERSONAL PROPERTY CONTRACTS
4 AND CONTRACT RIGHTS RELATING TO THE SALE OF ELECTRIC POWER BY NONREGULATED
5 ELECTRIC POWER GENERATORS; DECLARING AN EMERGENCY AND PROVIDING A RETROAC-
6 TIVE EFFECTIVE DATE.
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. That Section 63-602L, Idaho Code, be, and the same is hereby
9 amended to read as follows:
10 63-602L. PROPERTY EXEMPT FROM TAXATION -- INTANGIBLE PERSONAL PROPERTY.
11 (1) The following intangible personal property is exempt from taxation: capi-
12 tal stock and bonds. The deposits in national banks, state banks, and savings
13 and loan associations. Shares and accounts of savings and loan associations,
14 credit unions or associations organized under the laws of the state of Idaho
15 for the purpose of accumulating the savings and funds of their members and
16 lending the same to their members. Goodwill, customer lists, contracts and
17 contract rights, patents, trademarks, custom computer programs as defined in
18 section 63-3616, Idaho Code, copyrights, trade secrets, franchises, licenses,
19 rights-of-way which are possessory only and not accompanied by title.
20 (2) The commission shall promulgate rules which shall provide for the
21 exclusion of exempt intangible personal property from taxable value of operat-
22 ing property. Such rules shall allow each taxpayer the right to elect one (1)
23 of the following three (3) methods for exclusion of exempt intangible personal
24 property from its taxable value:
25 (a) Separate exclusion of the exempt intangible personal property at the
26 system level value; or
27 (b) Separate exclusion of the exempt intangible personal property at the
28 state allocated value; or
29 (c) Exclusion of the exempt intangible personal property by valuation of
30 only tangible personal property and nonexempt intangible personal property
31 using valuation models which do not impound or include values of the
32 exempt intangible personal property.
33 (d) As used in this section the terms "contracts" and "contract rights"
34 do not include a contract for the sale of electric power or rights arising
35 from such a contract when the seller is a generator of electric power who
36 is not a public utility as defined in section 61-129, Idaho Code, or is
37 not regulated by the Idaho public utilities commission.
38 SECTION 2. An emergency existing therefor, which emergency is hereby
39 declared to exist, this act shall be in full force and effect on and after its
40 passage and approval, and retroactively to January 1, 2000.
STATEMENT OF PURPOSE
RS 10304
This RS would amend Section 1, 63-6022, Idaho Code, to clarify that contracts
for the power of non-utility generators of electric power are not included in
"contracts and contract rights" as used in Section 61-129, Idaho Code.
FISCAL NOTE
No impact to the General Fund. This will neutralize a previous tax shift to some
county taxing districts.
CONTACT: Rep. Maxine Bell 332-1000
Rep Burt Stevenson 332-1000
Dan Chadwick 345-9126
STATEMENT OF PURPOSE/ FISCAL NOTE H 762