2005 Legislation
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HOUSE BILL NO. 77 – Southern ID Learning Ctr/tax credit

HOUSE BILL NO. 77

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Bill Status



H0077...............................................by REVENUE AND TAXATION
SOUTHERN IDAHO LEARNING CENTER - Amends existing law to provide a state
income tax credit with specified limits for charitable contributions made
by a taxpayer to the Southern Idaho Learning Center.
                                                                        
02/01    House intro - 1st rdg - to printing
02/02    Rpt prt - to Rev/Tax

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                   First Regular Session - 2005
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 77
                                                                        
                             BY REVENUE AND TAXATION COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO INCOME TAX CREDITS FOR CHARITABLE CONTRIBUTIONS; AMENDING  SECTION
  3        63-3029A,  IDAHO CODE, TO PROVIDE A STATE INCOME TAX CREDIT WITH SPECIFIED
  4        LIMITS FOR CHARITABLE CONTRIBUTIONS MADE BY A  TAXPAYER  TO  THE  SOUTHERN
  5        IDAHO  LEARNING  CENTER;  DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE
  6        APPLICATION.
                                                                        
  7    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  8        SECTION 1.  That Section 63-3029A, Idaho Code, be, and the same is  hereby
  9    amended to read as follows:
                                                                        
 10        63-3029A.  INCOME  TAX  CREDIT FOR CHARITABLE CONTRIBUTIONS -- LIMITATION.
 11    At the election of the taxpayer, there shall be allowed, subject to the appli-
 12    cable limitations provided herein, as a credit against the income tax  imposed
 13    by chapter 30, title 63, Idaho Code, an amount equal to fifty percent (50%) of
 14    the  aggregate amount of charitable contributions made by such taxpayer during
 15    the year to a nonprofit corporation, fund, foundation, trust,  or  association
 16    organized  and  operated exclusively for the benefit of institutions of higher
 17    learning located within the state of Idaho,  including  a  university  related
 18    research park, to nonprofit private or public institutions of elementary, sec-
 19    ondary,  or  higher education or their foundations located within the state of
 20    Idaho, to Idaho education public broadcast system foundations within the state
 21    of Idaho, to the Idaho state historical society  or  its  foundation,  to  the
 22    Idaho  state  library,  to  the  southern Idaho learning center, and to public
 23    libraries or their foundations and  library  districts  or  their  foundations
 24    located  within the state of Idaho, and to nonprofit public or private museums
 25    or their foundations located within the state of Idaho.
 26        (1)  In the case of a taxpayer other than a corporation, the amount allow-
 27    able as a credit under this section for any  taxable  year  shall  not  exceed
 28    twenty  percent (20%) of such taxpayer's total income tax liability imposed by
 29    section 63-3024, Idaho Code, for the year,  or  one  hundred  dollars  ($100),
 30    whichever is less.
 31        (2)  In  the case of a corporation, the amount allowable as a credit under
 32    this section for any taxable year shall not exceed ten percent (10%)  of  such
 33    corporation's  total  income  or  franchise  tax liability imposed by sections
 34    63-3025 and 63-3025A, Idaho Code,  for  the  year,  or  one  thousand  dollars
 35    ($1,000), whichever is less.
 36        For  the  purposes of this section, "institution of higher learning" means
 37    only an educational institution located within this state meeting all  of  the
 38    following requirements:
 39        (a)  It  maintains  a  regular  faculty and curriculum and has a regularly
 40        enrolled body of students in attendance at the place where its educational
 41        activities are carried on.
 42        (b)  It regularly offers education above the twelfth grade.
 43        (c)  It is accredited by the northwest association  of  schools  and  col-
                                                                        
                                           2
                                                                        
  1        leges, or by the state board of education.
  2        For  the purposes of this section, a nonprofit institution of secondary or
  3    higher education means a private nonprofit  secondary  or  higher  educational
  4    institution  located  within  the  state  of Idaho, which is accredited by the
  5    northwest association of schools and colleges,  or by the state board of  edu-
  6    cation.  A  nonprofit private institution of elementary education means a pri-
  7    vate nonprofit elementary educational institution located within the state  of
  8    Idaho and approved by the state board of education.
                                                                        
  9        SECTION  2.  An  emergency  existing  therefor,  which emergency is hereby
 10    declared to exist, this act shall be in full force and effect on and after its
 11    passage and approval, and retroactively to January 1, 2005.

Statement of Purpose / Fiscal Impact



                       STATEMENT OF PURPOSE

                             RS 14610

     This legislation adds the "Southern Idaho Learning Center"
to the list of charities listed in IC 63-3029A.


                          FISCAL IMPACT

       The general fund loss would probably be less than
$3,000.00.



Contact
Name:   Representative Leon Smith 
Phone:  208-332-1000


STATEMENT OF PURPOSE/FISCAL NOTE                       H 77