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H0455...............................................by REVENUE AND TAXATION
FUNERAL TRUSTS - TAXATION - Amends existing law to provide for residency
determinations for the taxation of qualified funeral trusts; and to provide
procedures for reporting and payment of the tax.
01/17 House intro - 1st rdg - to printing
01/18 Rpt prt - to Rev/Tax
01/25 Rpt out - rec d/p - to 2nd rdg
01/28 2nd rdg - to 3rd rdg
01/29 3rd rdg - PASSED - 66-0-4
AYES -- Aikele, Barraclough, Barrett, Bedke, Bell, Bieter, Block,
Boe, Bolz, Bradford, Bruneel, Callister, Campbell, Clark, Collins,
Crow, Cuddy, Deal, Ellis, Ellsworth, Field(13), Field(20), Gagner,
Gould, Hadley, Hammond, Harwood, Henbest, Higgins, Hornbeck, Jaquet,
Jones, Kellogg, Kendell, Kunz, Lake, Langford, Loertscher, Mader,
Martinez, McKague, Meyer, Montgomery, Mortensen, Moyle, Pearce,
Pischner, Pomeroy, Raybould, Ridinger, Roberts, Robison, Sali,
Schaefer, Sellman, Shepherd, Smith(33), Smith(23), Smylie, Stevenson,
Stone, Tilman, Trail, Wheeler, Wood, Young
NAYS -- None
Absent and excused -- Black, Denney, Eskridge, Mr. Speaker
Floor Sponsor - Cuddy
Title apvd - to Senate
01/30 Senate intro - 1st rdg - to Loc Gov
02/07 Rpt out - rec d/p - to 2nd rdg
02/08 2nd rdg - to 3rd rdg
02/12 3rd rdg - PASSED - 33-0-2
AYES -- Andreason, Boatright, Branch(Bartlett), Brandt, Bunderson,
Burtenshaw, Cameron, Darrington, Davis, Deide, Dunklin, Frasure,
Goedde, Hawkins, Hill, Ingram, Ipsen, Keough, King-Barrutia, Little,
Lodge, Marley, Noh, Risch, Sandy, Schroeder, Sims, Sorensen, Stegner,
Stennett, Thorne, Wheeler, Williams
NAYS -- None
Absent and excused -- Geddes, Richardson
Floor Sponsor - Ipsen
Title apvd - to House
02/13 To enrol
02/14 Rpt enrol - Sp signed
02/15 Pres signed
02/18 To Governor
02/19 Governor signed
Session Law Chapter 36
Effective: 01/01/02
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 455
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAXATION OF QUALIFIED FUNERAL TRUSTS; AMENDING CHAPTER 30,
3 TITLE 63, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 63-3015, IDAHO
4 CODE, TO PROVIDE FOR RESIDENCY DETERMINATIONS FOR THE TAXATION OF QUALI-
5 FIED FUNERAL TRUSTS AND TO PROVIDE PROCEDURES FOR REPORTING AND PAYMENT OF
6 TAXES; DECLARING AN EMERGENCY AND PROVIDING A RETROACTIVE EFFECTIVE DATE.
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 63-3015, Idaho Code, and to read as follows:
11 63-3015. QUALIFIED FUNERAL TRUSTS. (1) A resident of this state includes
12 a trust whose trustee has elected treatment as a qualified funeral trust pur-
13 suant to section 685 of the Internal Revenue Code where, at the time of the
14 initial funding of the trust, the trust is required to be established under
15 the laws of this state, or in the absence of such a requirement, where a
16 funeral home or cemetery located in this state is identified to provide the
17 services or merchandise, or both, under the terms of a preneed contract
18 requiring the establishment of the trust.
19 (2) Qualified funeral trusts having a single trustee may file a single,
20 composite return pursuant to rules of the state tax commission. Each
21 beneficiary's interest in a qualified funeral trust included in the composite
22 return under this section shall be taxed as a separate trust for the purposes
23 of application of the rate schedules in section 63-3024, Idaho Code, and
24 determination of the filing requirement in section 63-3030, Idaho Code. The
25 composite return shall not be a return of a person under section 63-3082,
26 Idaho Code.
27 SECTION 2. An emergency existing therefor, which emergency is hereby
28 declared to exist, this act shall be in full force and effect on and after its
29 passage and approval, and retroactively to January 1, 2002.
STATEMENT OF PURPOSE
RS 11479
This bill simplifies the Idaho income taxation of qualified funeral
trusts. It enacts a uniform rule, recommended by the Multistate
State Commission, to provide for residency determinations for
qualified funeral trusts. It also conforms to the federal practice
of computing tax rates separately on each beneficiary's interest.
The bill first applies to taxable years beginning on and after
January 1, 2002.
FISCAL IMPACT
None.
CONTACT
Name: Dan John / Ted Spangler
Agency: Idaho State Tax Commission
Phone: 334-7530
Statement of Purpose/Fiscal Impact H 455