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H0567...............................................by REVENUE AND TAXATION
INCOME TAX - DEDUCTIONS - Amends existing law to remove the limitation on
the amount of premiums for long-term care insurance that qualify for the
credit against income taxes.
01/27 House intro - 1st rdg - to printing
01/28 Rpt prt - to Rev/Tax
02/10 Rpt out - rec d/p - to 2nd rdg
02/11 2nd rdg - to 3rd rdg
02/16 3rd rdg - PASSED - 70-0-0
AYES -- Andersen, Barraclough, Barrett, Bauer, Bayer, Bedke, Bell,
Black, Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins,
Crow, Cuddy, Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth,
Eskridge, Field(18), Field(23), Gagner, Garrett, Harwood, Henbest,
Jaquet, Jones, Kellogg(Nonini), Kulczyk, Lake, Langford, Langhorst,
Martinez, McGeachin, McKague, Meyer, Miller, Mitchell, Moyle,
Naccarato, Nielsen, Pasley-Stuart, Raybould, Ridinger, Ring, Ringo,
Roberts, Robison, Rydalch, Sali, Sayler, Schaefer, Shepherd, Shirley,
Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail,
Wills, Wood, Mr. Speaker
NAYS -- None
Absent and excused -- None
Floor Sponsor - Field(18)
Title apvd - to Senate
02/17 Senate intro - 1st rdg - to Loc Gov
02/24 Rpt out - rec d/p - to 2nd rdg
02/25 2nd rdg - to 3rd rdg
03/10 3rd rdg - PASSED - 27-4-4
AYES -- Andreason(Andreason), Bailey, Brandt, Bunderson, Burtenshaw,
Compton, Darrington, Davis, Gannon, Geddes, Goedde, Ingram, Keough,
Little, Lodge, McKenzie, McWilliams, Noh, Pearce, Richardson,
Schroeder, Sorensen, Stegner, Stennett, Sweet, Werk, Williams
NAYS -- Burkett, Calabretta, Kennedy, Marley
Absent and excused -- Cameron, Hill, Malepeai, Noble
Floor Sponsor - Ingram
Title apvd - to House
03/11 To enrol
03/12 Rpt enrol - Sp signed
03/15 Pres signed
03/16 To Governor
04/01 Governor signed
Session Law Chapter 358
Effective: 01/01/04
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-seventh Legislature Second Regular Session - 2004
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 567
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAX CREDITS; AMENDING SECTION 63-3022Q, IDAHO CODE, TO
3 REMOVE THE LIMITATION ON THE AMOUNT OF PREMIUMS FOR LONG-TERM CARE INSUR-
4 ANCE THAT QUALIFY FOR THE CREDIT AGAINST INCOME TAXES; DECLARING AN EMER-
5 GENCY AND PROVIDING RETROACTIVE APPLICATION.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Section 63-3022Q, Idaho Code, be, and the same is hereby
8 amended to read as follows:
9 63-3022Q. LONG-TERM CARE INSURANCE. For taxable years commencing on or
10 after January 1, 20014, fifty percent (50%) of the premiums paid during the
11 taxable year, by a taxpayer for long-term care insurance as that term is
12 defined in section 41-4603, Idaho Code, which long-term care insurance is to
13 be for the benefit of the taxpayer, a dependent of the taxpayer or an employee
14 of the taxpayer, may be deducted from taxable income to the extent that the
15 premium is not otherwise deducted or accounted for by the taxpayer for Idaho
16 income tax purposes.
17 SECTION 2. An emergency existing therefor, which emergency is hereby
18 declared to exist, this act shall be in full force and effect on and after its
19 passage and approval, and retroactively to January 1, 2004.
STATEMENT OF PURPOSE
RS 13733
Current law permits a taxpayer to deduct half of the premiums
paid for long term care insurance for the taxpayer, the taxpayer=s
spouse or employee if the premium is not otherwise deductible. This
bill removes the limitation and allows the deduction for the full
amount of the premiums.
FISCAL IMPACT
Reduces General Fund revenue by $500,000 annually.
CONTACT
Name: Brian Whitlock
Agency: Office of the Governor
Phone: 334-2100
Statement of Purpose/Fiscal Impact H 567