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H0381...............................................by REVENUE AND TAXATION REAL PROPERTY TAX - Adds to existing law to provide for a state income tax credit for the payment of real property taxes by certain taxpayers during tax year 2001; to provide a definition of "mining"; to provide the maximum amount of the credit; and to provide procedures. 03/28 House intro - 1st rdg - to printing 03/29 Rpt prt - to 2nd rdg 03/30 2nd rdg - to 3rd rdg Rls susp - PASSED - 54-6-10 AYES -- Barraclough, Barrett, Bedke, Bell, Black, Boe, Bolz, Bradford, Bruneel, Chase, Collins, Cuddy, Deal, Denney, Eskridge, Field(13), Hadley, Hammond, Hansen, Harwood, Henbest(Farley), Higgins, Hornbeck, Jaquet, Jones, Kellogg, Kendell, Kunz, Langford, Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen, Moyle, Pischner, Pomeroy, Raybould, Ridinger, Sali, Schaefer, Sellman, Shepherd, Smylie, Stevenson, Stone, Tilman, Trail, Wheeler, Wood, Young(Young), Mr. Speaker NAYS -- Bieter, Clark, Gagner, Lake, Moss, Robison Absent and excused -- Callister, Campbell, Crow, Ellis, Ellsworth, Field(20), Gould, Pearce, Roberts, Smith Floor Sponsor -- Cuddy Title apvd - to Senate 03/30 Senate intro - to 1st rdg
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-sixth Legislature First Regular Session - 2001 IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 381 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO INCOME TAX; AMENDING CHAPTER 30, TITLE 63, IDAHO CODE, BY THE 3 ADDITION OF A NEW SECTION 63-3024C, IDAHO CODE, TO PROVIDE FOR STATE 4 INCOME TAX CREDIT FOR THE PAYMENT OF REAL PROPERTY TAXES BY CERTAIN TAX- 5 PAYERS DURING TAX YEAR 2001, TO PROVIDE A DEFINITION OF "MINING," TO PRO- 6 VIDE THE MAXIMUM AMOUNT OF CREDIT AND TO PROVIDE PROCEDURES; DECLARING AN 7 EMERGENCY AND PROVIDING RETROACTIVE APPLICATION. 8 Be It Enacted by the Legislature of the State of Idaho: 9 SECTION 1. That Chapter 30, Title 63, 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 63-3024C, Idaho Code, and to read as follows: 12 63-3024C. INCOME TAX CREDIT FOR REAL PROPERTY TAXES. (1) For taxable 13 year 2001 only, there shall be allowed as a credit against taxes due under 14 this chapter one hundred percent (100%) of the amount of taxes due in December 15 2001 on class 1 property as defined in section 63-204, Idaho Code, that is 16 real property used in mining, and used solely in mining during tax year 2001. 17 For purposes of this section, "mining" shall mean the activities performed in 18 the extraction of minerals from the ground including, but not limited to, the 19 excavation of pits, removal of minerals, crushing, milling, disposal of over- 20 burden, the construction of haulage roads, beneficiation, transportation and 21 stockpiling. 22 (2) The maximum amount of the credit established by this section shall be 23 that enumerated in subsection (1) of this section. If taxes due are less than 24 the total credit allowed, the taxpayer shall be paid a refund. If the credit 25 or refund is not claimed for the year for which the income tax return is 26 filed, the right thereafter to claim such credit or refund shall be forfeited. 27 The state tax commission shall prescribe the method by which the refund, if 28 any, is to be made to the taxpayer. 29 (3) The refunds authorized by this section shall be paid from the state 30 refund fund in the same manner as the refunds authorized by section 63-3067, 31 Idaho Code. An application for any refund which is due and payable under the 32 provisions of this section must be filed with the state tax commission by the 33 due date, including extensions, of the return required under section 63-3030, 34 Idaho Code, if the applicant is required to file a return, or by the fifteenth 35 day of April of the year following the year to which the application relates 36 if the applicant is not required to file a return. 37 (4) The state tax commission may promulgate rules to implement the provi- 38 sions of this section. The commission may require such receipts and documenta- 39 tion from taxpayers and county assessors as are necessary to implement the 40 provisions of this section. If sufficient moneys are not available in the 41 state refund fund to pay in full credits or refunds, the state tax commission 42 may grant a pro rata share to all taxpayers based on the amount of the credit 43 for real property taxes paid pursuant to the formula provided in this section 2 1 to ensure soundness of the fund. 2 SECTION 2. An emergency existing therefor, which emergency is hereby 3 declared to exist, this act shall be in full force and effect on and after its 4 passage and approval, and retroactively to January 1, 2001.
STATEMENT OF PURPOSE RS 11303 For the taxable year 2001, only, this bill provides a 100 percent tax credit for property taxes due for real property used in mining. FISCAL IMPACT Real Property Credit for Mining $1.7 million ContactName: Jack Lyman, Idaho Mining Association Phone: 342-0031 STATEMENT OF PURPOSE/FISCAL NOTE H 381