Print Friendly HOUSE BILL NO. 80 – Income tax credit/contributns/limit
HOUSE BILL NO. 80
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H0080...............................................by REVENUE AND TAXATION
INCOME TAX - Amends existing law relating to income tax to increase the
dollar amount limitation on certain education-related charitable
contributions by individuals and corporations.
01/22 House intro - 1st rdg - to printing
01/23 Rpt prt - to Rev/Tax
02/23 Rpt out - rec d/p - to 2nd rdg
02/26 2nd rdg - to 3rd rdg
02/27 3rd rdg - PASSED - 61-6-3
AYES -- Barraclough, Bedke, Bieter, Black, Boe, Bolz, Bradford,
Bruneel, Callister, Campbell, Chase, Clark, Collins, Crow, Cuddy,
Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13), Gagner, Gould,
Hadley, Hammond, Harwood, Henbest, Higgins, Hornbeck, Jaquet,
Kellogg, Kunz, Lake, Langford, Loertscher, Mader, Marley, Meyer,
Montgomery, Mortensen, Moss, Moyle, Pearce, Pischner, Pomeroy,
Raybould, Ridinger, Roberts, Robison, Sali, Schaefer, Sellman,
Shepherd, Smith, Smylie, Stevenson, Tilman, Trail, Wheeler, Young,
NAYS -- Barrett, Bell, Field(20), Kendell, McKague, Wood
Absent and excused -- Jones, Stone, Swan
Floor Sponsor -- Clark
Title apvd - to Senate
02/28 Senate intro - 1st rdg - to Loc Gov
03/05 Rpt out - to 14th Ord
03/28 Rpt out NOT amen - to 2nd rdg
Rls susp - PASSED - 35-0-0
AYES -- Andreason, Boatright, Branch, Brandt, Bunderson, Burtenshaw,
Cameron, Danielson, Darrington, Davis, Deide, Dunklin, Frasure,
Geddes, Goedde, Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee,
Lodge, Noh, Richardson, Risch, Sandy, Schroeder, Sims, Sorensen,
Stegner, Stennett, Thorne, Wheeler, Whitworth, Williams,
NAYS -- None
Absent and excused -- None
Floor Sponsor -- Frasure
Title apvd - to House
03/29 To enrol - rpt enrol - Sp signed - Pres signed
03/30 To Governor
04/10 Governor signed
Session Law Chapter 370
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature First Regular Session - 2001
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 80
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAX CREDITS; AMENDING SECTION 63-3029A, IDAHO CODE, TO
3 INCREASE THE DOLLAR AMOUNT LIMITATION ON CERTAIN INDIVIDUAL AND CORPORATE
4 CHARITABLE CONTRIBUTIONS AND TO MAKE TECHNICAL CORRECTIONS; AND PROVIDING
5 AN EFFECTIVE DATE.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Section 63-3029A, Idaho Code, be, and the same is hereby
8 amended to read as follows:
9 63-3029A. INCOME TAX CREDIT FOR CHARITABLE CONTRIBUTIONS -- LIMITATION.
10 At the election of the taxpayer, there shall be allowed, subject to the appli-
11 cable limitations provided herein, as a credit against the income tax imposed
12 by chapter 30, title 63, Idaho Code, an amount equal to fifty percent (50%) of
13 the aggregate amount of charitable contributions made by such taxpayer during
14 the year to a nonprofit corporation, fund, foundation, trust, or association
15 organized and operated exclusively for the benefit of institutions of higher
16 learning located within the state of Idaho, including a university related
17 research park, to nonprofit private or public institutions of elementary, sec-
18 ondary, or higher education or their foundations located within the state of
19 Idaho, to Idaho education public broadcast system foundations within the state
20 of Idaho, to the Idaho state historical society or its foundation, to the
21 Idaho state library, and to public libraries or their foundations and library
22 districts or their foundations located within the state of Idaho, and to non-
23 profit public or private museums or their foundations located within the state
24 of Idaho.
25 (1 .) In the case of a taxpayer other than a corporation, the amount
26 allowable as a credit under this section for any taxable year shall not exceed
27 twenty percent (20%) of such taxpayer's total income tax liability imposed by
28 section 63-3024, Idaho Code, for the year, or fifty one hundred dollars
29 ($ 50.100), whichever is less.
30 (2 .) In the case of a corporation, the amount allowable as a credit under
31 this section for any taxable year shall not exceed ten percent (10%) of such
32 corporation's total income or franchise tax liability imposed by sections
33 63-3025 and 63-3025A, Idaho Code, for the year, or five hundred one thousand
34 dollars ($ 51,000), whichever is less.
35 For the purposes of this section, "institution of higher learning" means
36 only an educational institution located within this state meeting all of the
37 following requirements:
38 (a) It maintains a regular faculty and curriculum and has a regularly
39 enrolled body of students in attendance at the place where its educational
40 activities are carried on.
41 (b) It regularly offers education above the twelfth grade.
42 (c) It is accredited by the Nnorthwest Aassociation of Sschools and
43 Ccolleges, or by the state board of education.
1 For the purposes of this section, a nonprofit institution of secondary or
2 higher education means a private nonprofit secondary or higher educational
3 institution located within the state of Idaho, which is accredited by the
4 Nnorthwest Aassociation of Sschools and Ccolleges, or by the state board of
5 education. A nonprofit private institution of elementary education means a
6 private nonprofit elementary educational institution located within the state
7 of Idaho and approved by the state board of education.
8 SECTION 2. This act shall be in full force and effect on and after Janu-
9 ary 1, 2002.
STATEMENT OF PURPOSE
This legislation will double the amount allowable as an income
tax credit from charitable contributions to primary and secondary
education, libraries, public television, and university related
research parks, and foundations for the benefit of education.
The estimated cost of this legislation is $622,950. This fiscal
impact assumes that 100% of the people currently claiming the
maximum credit will claim 75% of the new credit($75 for
individuals and $750 for businesses).
Name: Rep. Jim Clark
STATEMENT OF PURPOSE/FISCAL NOTE H80