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HOUSE BILL NO. 250

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Daily Data Tracking History

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H0250..................................................by REVENUE AND TAXATION
ESTATE/TRANSFER TAX - Repeals existing law to delete the estate and transfer
tax, effective January 1, 2006.
                                                                        
02/12    House intro - 1st rdg - to printing
02/13    Rpt prt - to Rev/Tax

Bill Text

                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-seventh Legislature                 First Regular Session - 2003
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 250
                                                                        
                             BY REVENUE AND TAXATION COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO THE ESTATE AND TRANSFER TAX; REPEALING CHAPTER 4, TITLE 14,  IDAHO
  3        CODE,  THE  ESTATE AND TRANSFER TAX REFORM ACT; AND PROVIDING AN EFFECTIVE
  4        DATE.
                                                                        
  5    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  6        SECTION 1.  That Chapter 4, Title 14,  Idaho Code, be,  and  the  same  is
  7    hereby repealed.
                                                                        
  8        SECTION  2.  This act shall be in full force and effect on and after Janu-
  9    ary 1, 2006.

Statement of Purpose / Fiscal Impact

                       STATEMENT OF PURPOSE
                            RS 12598C1

The purpose of this legislation is to repeal the Estate Transfer
Tax Effective January 1, 2006.  This section of Idaho code is
tied to the federal credit that is being eliminated and will be
gone in 2005.
                                 

                          FISCAL IMPACT

The Estate Tax is levied on a person's estate when they die.  The
money gained from this tax goes to the state's general fund and
fluctuates each year depending on the size of the estates of
those who die.



Contact
Name:  Sen. Shawn Keough 
Phone: 332-1000




STATEMENT OF PURPOSE/FISCAL NOTE       H 250