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HOUSE BILL NO. 553

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Daily Data Tracking History

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H0553...............................................by REVENUE AND TAXATION
COMMUNITY COLLEGES - Adds to existing law to provide a state income tax
credit for property taxes paid by the taxpayer for the support of a
community college district.
                                                                        
02/11    House intro - 1st rdg - to printing
02/14    Rpt prt - to Rev/Tax

Bill Text

 H0553
                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-fifth Legislature                  Second Regular Session - 2000
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 553
                                                                        
                             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 63-3029I, IDAHO CODE, TO PROVIDE A STATE INCOME
  4        TAX CREDIT FOR PROPERTY TAXES PAID BY THE TAXPAYER FOR THE  SUPPORT  OF  A
  5        COMMUNITY  COLLEGE  DISTRICT AND TO PROVIDE A MAXIMUM CREDIT; DECLARING AN
  6        EMERGENCY AND PROVIDING RETROACTIVE APPLICATION.
                                                                        
  7    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  8        SECTION 1.  That Chapter 30, Title 63, Idaho Code, be,  and  the  same  is
  9    hereby  amended by the addition thereto of a NEW SECTION, to be known and des-
 10    ignated as Section 63-3029I, Idaho Code, and to read as follows:
                                                                        
 11        63-3029I.  INCOME TAX CREDIT FOR PROPERTY TAXES PAID FOR COMMUNITY COLLEGE
 12    SUPPORT. At the election of the taxpayer, there shall be allowed,  subject  to
 13    the applicable limitations provided herein, as a credit against the income tax
 14    imposed  by  chapter  30, title 63, Idaho Code, an amount equal to one hundred
 15    percent (100%) of the aggregate amount of property tax paid  by such  taxpayer
 16    during  the  year  for the support of a community college district pursuant to
 17    chapter 21, title 33, Idaho Code.
 18        The amount allowable as a credit under this section for any  taxable  year
 19    shall not exceed five hundred dollars ($500).
                                                                        
 20        SECTION  2.  An  emergency  existing  therefor,  which emergency is hereby
 21    declared to exist, this act shall be in full force and effect on and after its
 22    passage and approval, and retroactively to January 1, 2000.

Statement of Purpose / Fiscal Impact

     
     
                STATEMENT OF PURPOSE 
                     RS 09565C2 
                           
          Only the counties of Kootenai, Twin Falls, and Jerome pay local property
     taxes in support of their respective community colleges ----- College of Southern
     Idaho and North Idaho College. 
          This legislation would provide for a credit against imposed income taxes.
     The amount of credit would equal that portion of annual local property tax paid as
     levied in support of the community college. 
          This credit shall not exceed $500.00. 
     
     
     
                     FISCAL NOTE 
     
     Unrealized General Fund Revenue 
     Kootenai County Fund Credit .................  2.7 million
     Twin Falls County Estimated Credit......... 1.4 million
     Jerome County Estimated Credit   ............ 0.5 million 
                         Total            4.6 million 
     
     
     CONTACT: Representatives, Don Pischner, Randy Hansen, Maxine Bell 
     
     
                                                  STATEMENT OF PURPOSE/ FISCAL NOTE                              H 553