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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
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-seventh Legislature First Regular Session - 2003IN 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 That Chapter 4, Title 14, Idaho Code, be, and the same is 7 hereby repealed. 8 SECTION 2.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 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