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H0333...............................................by REVENUE AND TAXATION
INCOME TAX CREDIT - Adds to existing law to provide for income tax credits
for the payment of certain personal property and real property taxes during
taxable year 2001; to provide definitions for "agricultural machinery and
equipment" and "mining"; to provide the maximum amount of the credit; and
to provide procedures.
02/27 House intro - 1st rdg - to printing
02/28 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. 333
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 63-3024D, IDAHO CODE, TO PROVIDE FOR INCOME TAX
4 CREDITS FOR THE PAYMENT OF CERTAIN PERSONAL PROPERTY AND REAL PROPERTY
5 TAXES DURING TAXABLE YEAR 2001, TO PROVIDE A DEFINITION OF "AGRICULTURAL
6 MACHINERY AND EQUIPMENT," TO PROVIDE A DEFINITION OF "MINING," TO PROVIDE
7 THE MAXIMUM AMOUNT OF THE CREDIT AND TO PROVIDE PROCEDURES; DECLARING AN
8 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 63-3024D, Idaho Code, and to read as follows:
13 63-3024D. INCOME TAX CREDITS FOR PERSONAL AND REAL PROPERTY TAXES. (1)
14 For taxable year 2001 only, there shall be allowed as a credit against taxes
15 due under this chapter one hundred percent (100%) of the amount of taxes due
16 in December 2001 on class 2 property that is agricultural machinery and equip-
17 ment and is defined in section 63-204, Idaho Code, and used solely in agricul-
18 ture during that tax year. For purposes of this section:
19 (a) "Agricultural machinery and equipment" shall mean any machinery and
20 equipment that is used in:
21 (i) Production of field crops including, but not limited to,
22 grains, feed crops, fruits and vegetables; or
23 (ii) The grazing, feeding or raising of livestock, fur-bearing ani-
24 mals, fish, fowl and bees to be sold or used as part of a net profit
25 making agricultural enterprise or dairy.
26 (b) Buildings shall not be considered to be agricultural machinery and
27 equipment.
28 (2) For taxable year 2001, there shall be allowed as a credit against
29 taxes due under this chapter one hundred percent (100%) of the amount of taxes
30 due in December 2001 on class 1 property that is real property used in mining
31 and is defined in section 63-204, Idaho Code, and used solely in mining during
32 that tax year. For purposes of this section "mining" shall mean the activities
33 performed in the extraction of minerals from the ground including, but not
34 limited to, the excavation of pits, removal of minerals, crushing, milling,
35 disposal of overburden, the construction of haulage roads, beneficiation,
36 transportation and stockpiling.
37 (3) The maximum amount of the credit established by this section shall be
38 that enumerated in subsection (1) or (2) of this section. If taxes due are
39 less than the total credit allowed, the taxpayer shall be paid a refund. If
40 the credit or refund is not claimed for the year for which the income tax
41 return is filed, the right thereafter to claim such credit or refund shall be
42 forfeited. The state tax commission shall prescribe the method by which the
43 refund, if any, is to be made to the taxpayer.
2
1 (4) The refunds authorized by this section shall be paid from the state
2 refund fund in the same manner as the refunds authorized by section 63-3067,
3 Idaho Code. An application for any refund which is due and payable under the
4 provisions of this section must be filed with the state tax commission by the
5 due date, including extensions, of the return required under section 63-3030,
6 Idaho Code, if the applicant is required to file a return or the fifteenth
7 day of April of the year following the year to which the application relates
8 if the applicant is not required to file a return.
9 (5) The state tax commission may promulgate rules to implement the provi-
10 sions of this section. The commission may require such receipts and documenta-
11 tion from taxpayers and county assessors necessary to implement the provisions
12 of this section. If sufficient moneys are not available in the state refund
13 fund to pay in full credits or refunds, the state tax commission may grant a
14 pro rata share to all taxpayers based on the amount of the credit for personal
15 property taxes or real property taxes paid pursuant to the formula provided
16 in this section to ensure soundness of the fund.
17 SECTION 2. An emergency existing therefor, which emergency is hereby
18 declared to exist, this act shall be in full force and effect on and after its
19 passage and approval, and retroactively to January 1, 2001.
STATEMENT OF PURPOSE
RS11171
For the taxable year 2001,only, this bill provides a 100
percent tax credit for personal property taxes due for
agricultural machinery and equipment and a 100 percent
credit for property taxes due for real property used in
mining.
Personal Property Credit for Agricultural $12.4 million
Machinery and Equipment
Real Property Credit for Mining $ 1.7 million
TOTAL $14.1 million
CONTACT: Jack Lyman
Idaho Mining Association
342.0031
STATEMENT OF PURPOSE/FISCAL NOTE H 333