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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, 200 14, fifty percent (50%) of thepremiums 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