2003 Legislation
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HOUSE BILL NO. 399 – Income tax, quarterly payments

HOUSE BILL NO. 399

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Daily Data Tracking History



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

Bill Text


                                                                        
                                                                        
  ||||              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.

Statement of Purpose / Fiscal Impact


     REPRINT     REPRINT     REPRINT    REPRINT     REPRINT
                       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