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H0399...............................................by REVENUE AND TAXATION
INCOME TAX - Amends existing law to provide for quarterly payments of state
income taxes by individual taxpayers.
04/02 House intro - 1st rdg - to printing
04/03 Rpt prt - to 2nd rdg
04/04 2nd rdg - to 3rd rdg
04/07 3rd rdg - FAILED - 26-44-0
AYES -- Andersen, Bell, Bieter, Block, Boe, Bradford(Larsen), Cannon,
Crow, Douglas, Field(23), Henbest, Jaquet, Kellogg, Langhorst,
Martinez, McGeachin, Miller, Mitchell, Ring, Ringo, Robison, Sayler,
Shirley, Smith(30), Stevenson, Trail(Young)
NAYS -- Barraclough, Barrett, Bauer, Bedke, Black, Bolz, Campbell,
Clark, Collins, Cuddy, Deal, Denney, Eberle, Edmunson, Ellsworth,
Eskridge, Field(18), Gagner, Garrett, Harwood, Jones, Kulczyk, Lake,
Langford, McKague, Meyer, Moyle, Naccarato, Nielsen, Raybould,
Ridinger, Roberts, Rydalch, Sali, Schaefer, Shepherd, Skippen,
Smith(24), Smylie, Snodgrass, Tilman, Wills, Wood, Mr. Speaker
Absent and excused -- None
Floor Sponsor - McGeachin
Title apvd - to Senate
Hld for reconsideration
Filed w/Office of the Chief Clerk
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-seventh Legislature First Regular Session - 2003
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 399
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAXATION; AMENDING SECTION 63-3036A, IDAHO CODE, TO EXTEND
3 PAYMENT OF ESTIMATED INCOME TAXES TO INDIVIDUALS AND OTHER NONCORPORATE
4 TAXPAYERS AND TO PROVIDE WHEN THE FIRST ESTIMATED PAYMENTS IN TAXABLE YEAR
5 2004 FOR TAXPAYERS OTHER THAN CORPORATIONS ARE DUE; AND PROVIDING AN
6 EFFECTIVE DATE.
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. That Section 63-3036A, Idaho Code, be, and the same is hereby
9 amended to read as follows:
10 63-3036A. PAYMENT OF ESTIMATED TAX. (a) Any corporation person subject to
11 this chapter which is required to make a payment of estimated taxes to the
12 internal revenue service and will have an Idaho income tax liability of five
13 hundred dollars ($500) or more shall pay to the state tax commission estimated
14 taxes due under this chapter.
15 (b) The provisions of the Internal Revenue Code relating to determination
16 of reporting periods and the due dates of payments of estimated tax shall
17 apply to the estimated payments due under this section.
18 (c) The amount of estimated tax due shall be determined as follows:
19 (1) Commencing with the calendar quarter that begins July 1, 1987, iIn
20 the case of any corporation person which was required to pay tax under
21 this chapter for its immediately preceding taxable year, the amount of
22 each quarterly payment for its current taxable year shall be twenty-five
23 percent (25%) of the lesser of:
24 (i) The tax amount required to be reported on the return for the
25 immediately preceding taxable year; or
26 (ii) Ninety percent (90%) of the tax required to be paid with the
27 current year's return.
28 (2) Any corporation person required to make estimated payments under this
29 section and who makes annualized estimated payments under the Internal
30 Revenue Code shall be permitted to annualize its estimated payments under
31 this section in the manner prescribed by regulation of the state tax com-
32 mission. Such regulations shall, to the extent practicable, follow the
33 provisions of the Internal Revenue Code and the regulations thereunder
34 relating to annualization of estimated payments.
35 (d) The amounts paid as estimated taxes pursuant to subsection (c) of
36 this section shall be considered to be in part payment of the tax imposed by
37 this chapter on the person reporting such estimated tax. The part payment
38 shall apply to such tax for the tax year during which the reporting period for
39 which the estimate is made occurs. In the event that such part payments,
40 together with all other part payments, estimated payments, withheld taxes or
41 other credits allowable against the taxes imposed by this chapter shall exceed
42 the amount of tax due, the state tax commission shall refund such excess
43 within the time and in the manner prescribed in section 63-3072(c), Idaho
2
1 Code, relating to refund of taxes withheld by employers.
2 (e) The provisions of this section shall in no way relieve any person
3 from any obligation to file a return under any provision of this chapter at
4 the time such return may be due. In the event that the estimated payments
5 required under this section, together with any other part payments, estimated
6 payments, withheld taxes or other credits applicable to the same taxable year
7 are less than the amount of taxes imposed by this chapter, the unpaid tax
8 shall be paid at the time prescribed in section 63-3034, Idaho Code.
9 (f) The payment due for the first full reporting period occurring after
10 the effective date of this act, and the payment due for each of the next three
11 (3) succeeding reporting periods shall be one-half (1/2) of the amount other-
12 wise due under this section In the case of persons other than corporations,
13 the first estimated payment for taxable year 2004 shall be for the first
14 quarter of that taxable year and shall be due no later than April 15, 2004.
15 SECTION 2. This act shall be in full force and effect on and after Janu-
16 ary 1, 2004.
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STATEMENT OF PURPOSE
RS RS13261
The purpose of this legislation is to require individuals who by
federal law pay income tax quarterly are also required to make
their state income tax payment quarterly.
FISCAL IMPACT
Two payments in calender year 2004 would net approximately $80
million.
Contact
Name: Representative McGeachin
Phone: 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE Bill No. 399