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H0355...............................................by REVENUE AND TAXATION INCOME TAX - Adds to and amends existing law to provide that for taxable years commencing on and after January 1, 1999, an additional deduction of $150 shall be allowed in the case of a joint return where the standard deduction is claimed; to provide procedures if the taxpayer does not make the election; to provide for remittance of moneys to the Early Childhood Development Fund; to provide for creation of the Early Childhood Development Fund; to provide what the fund shall consist of; to provide for return of interest earned on moneys of the fund to the fund; to provide for disbursement of moneys; and to provide for appropriation. 03/08 House intro - 1st rdg - to printing 03/09 Rpt prt - to Rev/Tax
H0355|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 355 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO INCOME TAXES; AMENDING CHAPTER 30, TITLE 63, IDAHO CODE, BY THE 3 ADDITION OF A NEW SECTION 63-3022N, IDAHO CODE, TO PROVIDE THAT FOR TAX- 4 ABLE YEARS COMMENCING ON AND AFTER JANUARY 1, 1999, AN ADDITIONAL DEDUC- 5 TION OF ONE HUNDRED FIFTY DOLLARS SHALL BE ALLOWED IN THE CASE OF A JOINT 6 RETURN WHERE THE STANDARD DEDUCTION IS CLAIMED AND TO PROVIDE PROCEDURES 7 IF THE TAXPAYER DOES NOT MAKE THE ELECTION; AMENDING SECTION 63-3067A, 8 IDAHO CODE, TO PROVIDE FOR REMITTANCE OF MONEYS TO THE EARLY CHILDHOOD 9 DEVELOPMENT FUND AND TO MAKE TECHNICAL CORRECTIONS; AMENDING SECTION 10 63-3067B, IDAHO CODE, TO PROVIDE FOR REMITTANCE OF MONEYS TO THE EARLY 11 CHILDHOOD DEVELOPMENT FUND AND TO MAKE TECHNICAL CORRECTIONS; AMENDING 12 CHAPTER 8, TITLE 57, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 57-820, 13 IDAHO CODE, TO PROVIDE FOR THE CREATION OF THE EARLY CHILDHOOD DEVELOPMENT 14 FUND, TO PROVIDE WHAT THE FUND SHALL CONSIST OF, TO PROVIDE FOR THE RETURN 15 OF INTEREST EARNED ON MONEYS OF THE FUND TO THE FUND, TO PROVIDE FOR DIS- 16 BURSEMENT OF MONEYS AND TO PROVIDE FOR EXPENDITURE PURSUANT TO APPROPRIA- 17 TION; DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE APPLICATION. 18 Be It Enacted by the Legislature of the State of Idaho: 19 SECTION 1. That Chapter 30, Title 63, Idaho Code, be, and the same is 20 hereby amended by the addition thereto of a NEW SECTION , to be 21 known and designated as Section 63-3022N, Idaho Code, and to read as follows: 22 63-3022N. MARRIAGE PENALTY REDUCTION. (1) For taxable years commencing on 23 and after January 1, 1999, an additional deduction of one hundred fifty dol- 24 lars ($150) shall be allowed in the case of a joint return where the standard 25 deduction as defined in section 63-3022, Idaho Code, is claimed. 26 (2) If the taxpayer does not make the election allowed by subsection (1) 27 of this section, the taxpayer shall be deemed to have made a binding election 28 to forego the marriage tax penalty savings and donate any reduction for that 29 year in tax otherwise allowed by subsection (1) to the early childhood devel- 30 opment fund created in section 57-820, Idaho Code. 31 SECTION 2. That Section 63-3067A, Idaho Code, be, and the same is hereby 32 amended to read as follows: 33 63-3067A. DESIGNATION BY INDIVIDUALS -- TRUST ACCOUNTS. (a) Every indi- 34 vidual who: 35 (i) Has a refund due and payable for overpayment of taxes under this act 36 may designate all or any portion thereof to be deposited in a trust 37 account specified in subsection (c)belowof this sec- 38 tion ; or 39 (ii) Has an income tax liability may, in addition to his tax obligation, 40 include a donation to be deposited in a trust account specified in subsec- 41 tion (c) of this section. 2 1 (b) A designation under subsection (a) of this section may be made in any 2 taxable year in such manner and form as prescribed by the state tax commis- 3 sion. The manner and form so prescribed shall be a conspicuous portion of the 4 principal form provided for the purpose of individual taxation. 5 (c) Thetrust accountsfunds authorized to 6 receive moneys designated under subsection (a) of this section are: 7 (i) The fish and game set-aside account created by section 36-111, Idaho 8 Code; 9 (ii) The Idaho ag in the classroom account created by section 57-815, 10 Idaho Code; 11 (iii) The drug enforcement donation account created by section 57-816, 12 Idaho Code; 13 (iv) The children's trust account created by section 39-6007, Idaho Code; 14and15 (v) The United States olympic account created by section 57-817, Idaho 16 Code, but no donation shall exceed five dollars ($5.00) ; and 17 (vi) The early childhood development fund created by section 18 57-820, Idaho Code . 19 (d) Prior to the distribution of funds into any of the trust accounts 20 specified in subsection (c) of this section from the refund account, the state 21 tax commission shall retain funds for the commission's costs for collecting 22 and administering the moneys in the accounts as follows: three thousand dol- 23 lars ($3,000) from each account for start-up costs during the first year of 24 collections, and three thousand dollars ($3,000) or twenty percent (20%) of 25 the moneys remitted to each account during the fiscal year, whichever is less, 26 from each account during each fiscal year thereafter, which amounts are hereby 27 appropriated to the tax commission. 28 SECTION 3. That Section 63-3067B, Idaho Code, be, and the same is hereby 29 amended to read as follows: 30 63-3067B. DESIGNATION BY INDIVIDUALS -- TRUST ACCOUNTS. (a) Every resi- 31 dent individual who: 32 (i) Has a refund due and payable for overpayment of taxes under this act 33 may designate all or any portion thereof to be deposited in a trust 34 account specified in subsection (c)belowof this sec- 35 tion ; or 36 (ii) Has an income tax liability may, in addition to his tax obligation, 37 include a donation to be deposited in a trust account specified in subsec- 38 tion (c) of this section. 39 (b) A designation under subsection (a) of this section may be made in any 40 taxable year in such manner and form as prescribed by the state tax commis- 41 sion. The manner and form so prescribed shall be a conspicuous portion of the 42 principal form provided for the purpose of individual taxation. 43 (c) Thetrust accountsfunds authorized to 44 receive moneys designated under subsection (a) of this section are: 45 (i) The fish and game set-aside account created by section 36-111, 46 Idaho Code; 47 (ii) The Idaho ag in the classroom account created by section 57-815, 48 Idaho Code; 49 (iii) The drug enforcement donation account created by section 57-816, 50 Idaho Code; 51 (iv) The children's trust account created by section 39-6007, Idaho 52 Code; 53 (v) The United States olympic account created by section 57-817, Idaho 3 1 Code, but no donation shall exceed five dollars ($5.00); 2 (vi) The Alzheimer's disease services account created in section 57-819, 3 Idaho Code;and4 (vii) The community forestry trust account created in section 38-136, 5 Idaho Code ; and 6 (viii) The early childhood development fund created by section 7 57-820, Idaho Code . 8 (d) Prior to the distribution of funds into any of the trust accounts 9 specified in subsection (c) of this section from the refund account, the state 10 tax commission shall retain funds for the commission's costs for collecting 11 and administering the moneys in the accounts as follows: three thousand dol- 12 lars ($3,000) from each account for start-up costs during the first year of 13 collections, and three thousand dollars ($3,000) or twenty percent (20%) of 14 the moneys remitted to each account during the fiscal year, whichever is less, 15 from each account during each fiscal year thereafter, which amounts are hereby 16 appropriated to the tax commission. 17 SECTION 4. That Chapter 8, Title 57, Idaho Code, be, and the same is 18 hereby amended by the addition thereto of a NEW SECTION , to be 19 known and designated as Section 57-820, Idaho Code, and to read as follows: 20 57-820. EARLY CHILDHOOD DEVELOPMENT FUND. (1) There is hereby created a 21 fund in the state treasury to be known and designated as the early childhood 22 development fund. 23 (2) The account shall consist of: 24 (a) Moneys appropriated to the fund; 25 (b) Moneys as provided in sections 63-3067A and 63-3067B, Idaho Code; 26 (c) Donations, gifts and grants from any source; and 27 (d) Any other moneys which may hereafter be provided by law. 28 (3) Interest earned on the investment of idle moneys in the early child- 29 hood development fund shall be returned to the early childhood development 30 fund. 31 (4) Disbursement of moneys from the fund shall be on the authorization of 32 the governor or a duly authorized representative of the governor. Such moneys 33 in the fund may be expended only pursuant to appropriation to the governor. 34 SECTION 5. An emergency existing therefor, which emergency is hereby 35 declared to exist, this act shall be in full force and effect on and after its 36 passage and approval, and retroactively to January 1, 1999.
STATEMENT OF PURPOSE
RS09035C1
This bill provides a mechanism whereby taxpayers may donate their
marriage tax penalty savings to a newly created Early Childhoocl
Development Account, and any taxpayer may elect (via a checkoff)
to contribute any amount they desire to the Early Childhood
Development Account.
FISCAL NOTE
This bill will yield revenue to the newly created Early Childhood
Development Account, but it is very difficult to estimate the
amount. Absent any experience, a preliminary estimate of $50,000
is suggested. The actual amount may vary considerably from this
estimate.
CONTACT: Rep. Dan Mader
332-1000
STATEMENT OF PURPOSE/ FISCAL NOTE Bill No. H 355