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H0390...............................................by REVENUE AND TAXATION
INTERNAL REVENUE CODE - Amends and adds to existing law to update
references to the Internal Revenue Code; to disallow the special allowance
for depreciation permitted by subsection (k) of section 168 of the Internal
Revenue Code; and to disallow the deduction of certain expenses of
elementary and secondary school teachers.
03/25 House intro - 1st rdg - to printing
03/26 Rpt prt - to Rev/Tax
04/02 Rpt out - rec d/p - Held at Desk
04/24 Filed for 2nd rdg
04/25 2nd rdg - to 3rd rdg
05/03 3rd rdg - PASSED - 46-19-5
AYES -- Andersen(Guyon), Barraclough(Schanz), Barrett, Bauer, Bedke,
Bell, Block, Bolz, Bradford, Campbell, Cannon, Collins, Crow, Deal,
Douglas, Ellsworth, Eskridge, Field(18), Field(23), Gagner, Garrett,
Harwood, Henbest, Jaquet, Kellogg, Kulczyk, Lake, Langford,
Martinez(Echohawk), McGeachin, McKague, Moyle, Nielsen, Raybould,
Ring, Roberts, Robison, Rydalch, Schaefer, Shepherd, Skippen,
Smith(24), Stevenson, Tilman, Wills, Mr. Speaker
NAYS -- Bieter, Black, Boe, Cuddy, Eberle, Edmunson, Jones,
Langhorst, Meyer, Miller, Naccarato, Ringo, Sali, Sayler, Shirley,
Smith(30), Smylie, Snodgrass, Trail
Absent and excused -- Clark, Denney, Mitchell, Ridinger, Wood
Floor Sponsor - Moyle
Title apvd - to Senate
05/03 Senate intro - 1st rdg - to Loc Gov
Rpt out - rec d/p - to 2nd rdg
Rls susp - PASSED - 31-4-0
AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett, Burtenshaw,
Calabretta, Cameron, Compton, Darrington, Davis, Gannon, Geddes,
Goedde, Ingram, Kennedy, Keough, Lodge, Malepeai, Marley, McKenzie,
McWilliams, Noble, Noh, Pearce(Banner), Richardson, Schroeder,
Sorensen, Stennett, Werk, Williams
NAYS -- Hill, Little, Stegner, Sweet
Absent and excused -- None
Floor Sponsor - Hill
Title apvd - to House
05/05 To enrol - Rpt enrol - Sp signed
Pres signed - To Governor
05/07 Governor signed
Session Law Chapter 350
Effective: 01/01/01 Section 2;
01/01/03 Section 1
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-seventh Legislature First Regular Session - 2003
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 390
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAXES AND THE INTERNAL REVENUE CODE; AMENDING SECTION
3 63-3004, IDAHO CODE, TO UPDATE REFERENCES TO THE INTERNAL REVENUE CODE;
4 AMENDING CHAPTER 30, TITLE 63, IDAHO CODE, BY THE ADDITION OF A NEW SEC-
5 TION 63-3022O, IDAHO CODE, TO DISALLOW THE SPECIAL ALLOWANCE FOR DEPRECIA-
6 TION PERMITTED BY SUBSECTION (k) OF SECTION 168 OF THE INTERNAL REVENUE
7 CODE, AND TO DISALLOW DEDUCTION OF CERTAIN EXPENSES OF ELEMENTARY AND SEC-
8 ONDARY SCHOOL TEACHERS; DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE
9 EFFECTIVE DATES.
10 Be It Enacted by the Legislature of the State of Idaho:
11 SECTION 1. That Section 63-3004, Idaho Code, be, and the same is hereby
12 amended to read as follows:
13 63-3004. INTERNAL REVENUE CODE. (a) The term "Internal Revenue Code"
14 means the Internal Revenue Code of 1986 of the United States, as amended, and
15 in effect on the first day of January, 20023.
16 (b) Provisions of the Internal Revenue Code amended, deleted, or added
17 prior to the effective date of the latest amendment to this section shall be
18 applicable for Idaho income tax purposes on the effective date provided for
19 such amendments, deletions, or additions, including retroactive provisions.
20 SECTION 2. That Chapter 30, Title 63, Idaho Code, be, and the same is
21 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
22 ignated as Section 63-3022O, Idaho Code, and to read as follows:
23 63-3022O. ADJUSTMENT FOR PROPERTY ACQUIRED AFTER SEPTEMBER 10, 2001. For
24 taxable years commencing on and after January 1, 2001, in computing Idaho tax-
25 able income:
26 (1) The adjusted basis of depreciable property, depreciation and capital
27 gains and losses shall be computed without regard to subsection (k) of section
28 168 of the Internal Revenue Code, as amended by section 101 of the "Job Cre-
29 ation and Worker Assistance Act of 2002"; and
30 (2) No deduction shall be allowed relating to expenses of elementary and
31 secondary teachers otherwise allowable under section 62(a)(2)(D) of the Inter-
32 nal Revenue Code, as amended by section 406 of the "Job Creation and Worker
33 Assistance Act of 2002."
34 SECTION 3. An emergency existing therefor, which emergency is hereby
35 declared to exist, Section 1 of this act shall be in full force and effect on
36 and after passage and approval, and retroactively to January 1, 2003; and Sec-
37 tion 2 of this act shall be in full force and effect on and after passage and
38 approval, and retroactively to January 1, 2001.
STATEMENT OF PURPOSE
RS 13219
This is the annual bill to update references to the Internal
Revenue Code (IRC). It conforms the Idaho income tax to changes
made to the IRC after January 1, 2002, including the federal "Job
Creation and Worker Assistance Act of 2002." However, no Idaho
deduction will be allowed relating to:
1. The special allowance for 30% first year "bonus
depreciation" permitted by subsection (k) of section 168 of the
IRC would not be deductible in computing Idaho taxable income.
For computing Idaho taxable income, the adjusted basis of
depreciable property and capital gains or losses will be modified
to reflect the disallowance of the federal bonus depreciation.
FISCAL IMPACT
No fiscal effect.
Contact
Name: State Tax Commission
Phone: (208) 334-7530
STATEMENT OF PURPOSE/FISCAL NOTE H 390