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H0667...............................................by REVENUE AND TAXATION INCOME TAX - Repeals and adds to existing law to eliminate from the calculation of Idaho taxable income any marriage penalty that may exist in the basic standard deduction of the Internal Revenue Code. 02/23 House intro - 1st rdg - to printing 02/24 Rpt prt - to Rev/Tax
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature Second Regular Session - 2000 IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 667 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO INCOME TAXATION; AMENDING CHAPTER 30, TITLE 63, IDAHO CODE, BY THE 3 ADDITION OF A NEW SECTION 63-3022O, IDAHO CODE, TO PROVIDE FOR THE ELIMI- 4 NATION FROM THE CALCULATION OF IDAHO TAXABLE INCOME ANY MARRIAGE PENALTY 5 THAT MAY EXIST IN THE BASIC STANDARD DEDUCTION PROVIDED IN THE INTERNAL 6 REVENUE CODE, TO PROVIDE FOR ADJUSTMENTS, TO PROVIDE A DEFINITION OF "THE 7 MARRIAGE PENALTY" AND TO PROVIDE PROCEDURES; REPEALING SECTION 63-3022N, 8 IDAHO CODE; DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE APPLICATION. 9 Be It Enacted by the Legislature of the State of Idaho: 10 SECTION 1. That Chapter 30, Title 63, Idaho Code, be, and the same is 11 hereby amended by the addition thereto of a NEW SECTION, to be known and des- 12 ignated as Section 63-3022O, Idaho Code, and to read as follows: 13 63-3022O. MARRIAGE PENALTY ADJUSTMENT. (1) To eliminate from the calcula- 14 tion of Idaho taxable income any marriage penalty that may exist in the basic 15 standard deductions provided in the Internal Revenue Code, basic federal stan- 16 dard deductions shall be adjusted as provided in this section. 17 (2) As used in this section, "the marriage penalty" means the difference 18 obtained by subtracting: 19 (a) The basic standard deduction for joint returns, from 20 (b) Two (2) times the basic standard deduction for an individual who is 21 not married and who is not a surviving spouse or head of household. 22 (3) For each taxable year beginning on and after January 1, 2000, the 23 standard deduction in section 63-3022(k)(1), Idaho Code, shall be: on a joint 24 return, the basic federal joint standard deduction plus the marriage penalty, 25 rounded to the nearest dollar, plus the amount of any additional standard 26 deduction for the aged or blind for which a taxpayer may qualify under section 27 63 of the Internal Revenue Code. 28 (4) The basic federal standard deduction for an individual for whom a 29 deduction under section 151 of the Internal Revenue Code is allowable to 30 another taxpayer shall not be reduced below the minimum adjusted basic stan- 31 dard deduction provided by section 63 of the Internal Revenue Code. 32 SECTION 2. That Section 63-3022N, Idaho Code, be, and the same is hereby 33 repealed. 34 SECTION 3. 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, 2000.
STATEMENT OF PURPOSE RS 09865 The purpose of this legislation is to provide for the elimination from the calculation of Idaho taxable income any marriage penalty that may exist in the basic standard deduction provided in the Internal Revenue Code. FISCAL NOTE The Division of Financial Management estimates that this would reduce the General Fund $10,000,000 to $11,000,000 for FY 2001. Contact: Senator J.L. "Jerry" Thorne 208-331-1323 STATEMENT OF PURPOSE/FISCAL NOTE H 667