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H0172...............................................by REVENUE AND TAXATION
GENERAL FUND - SURPLUS - Adds to existing law to provide distribution of an
unexpended and unencumbered balance in the General Fund; and to provide a
tax credit to individual income tax payers based upon a General Fund
surplus.
02/07 House intro - 1st rdg - to printing
02/08 Rpt prt - to Rev/Tax
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature First Regular Session - 2001
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 172
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO GENERAL FUND SURPLUS; AMENDING CHAPTER 35, TITLE 67, IDAHO CODE,
3 BY THE ADDITION OF A NEW SECTION 67-3529, IDAHO CODE, TO PROVIDE DISTRIBU-
4 TION OF AN UNEXPENDED AND UNENCUMBERED BALANCE IN THE GENERAL FUND; AND
5 AMENDING CHAPTER 30, TITLE 63, IDAHO CODE, BY THE ADDITION OF A NEW SEC-
6 TION 63-3029M, IDAHO CODE, TO PROVIDE A TAX CREDIT TO INDIVIDUAL INCOME
7 TAX PAYERS BASED UPON A GENERAL FUND SURPLUS.
8 Be It Enacted by the Legislature of the State of Idaho:
9 SECTION 1. That Chapter 35, Title 67, Idaho Code, be, and the same is
10 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
11 ignated as Section 67-3529, Idaho Code, and to read as follows:
12 67-3529. TREATMENT OF GENERAL FUND SURPLUS. If the state controller cer-
13 tifies that the fiscal year has ended with an unexpended and unencumbered bal-
14 ance in the general fund, the surplus balance shall be treated as follows:
15 (1) The state controller shall deduct any funds to be transferred to the
16 budget stabilization fund in the following fiscal year, pursuant to section
17 57-814, Idaho Code.
18 (2) Of any surplus balance remaining after the implementation of subsec-
19 tion (1) of this section, the state controller shall deduct this excess up to
20 a maximum of one percent (1%) of the general fund revenue collections for the
21 fiscal year just ended, to be retained in the general fund.
22 (3) Of any surplus balance remaining after the implementation of subsec-
23 tions (1) and (2) of this section, seventy-five percent (75%) shall be cred-
24 ited to individual income tax payers. This credit shall be for individual
25 income taxes owed during the current tax year, and shall be distributed as
26 provided in section 63-3029M, Idaho Code.
27 SECTION 2. That Chapter 30, Title 63, Idaho Code, be, and the same is
28 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
29 ignated as Section 63-3029M, Idaho Code, and to read as follows:
30 63-3029M. TAX CREDITS AS A RESULT OF SURPLUS. If credited funds are
31 available pursuant to section 67-3529(3), Idaho Code, the division of finan-
32 cial management shall determine a percentage tax credit to be applied against
33 the tax liability for payers of the individual income tax during the tax year
34 in which the credit is made. The percentage amount shall equal the amount
35 credited to taxpayers pursuant to section 67-3529(3), Idaho Code, divided by
36 the estimated total individual income tax liability for all individual income
37 tax payers for the tax year in which the credit is made. This percentage fig-
38 ure shall be rounded down to the nearest one-tenth of one percent (0.1%), and
39 shall be transmitted to the state tax commission no later than August 1 of any
40 year in which it is applicable. The state tax commission shall cause this
41 credit to be published on tax forms and may prescribe necessary forms and pro-
2
1 cedures to implement the provisions of this section. At the election of the
2 individual taxpayer, there shall be allowed a credit against income taxes, in
3 an amount calculated pursuant to this section. The credit allowed by this sec-
4 tion shall not be in excess of the actual tax payable.
STATEMENT OF PURPOSE
RS 10768C1
The purpose of this legislation is to develop a mechanism within the
budgeting process that will address a surplus. A new section is
created to provide a mechanism that will provide for the distribution
of funds into the budget stabilization fund, the general fund and
provide a credit for individual income taxes.
FISCAL IMPACT
Impact will vary depending upon the size of the surplus.
contact
Name: Rep. Jim Clark
Phone: 332 1000
STATEMENT OF PURPOSE/FISCAL NOTE H 17