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H0166...............................................by REVENUE AND TAXATION PROPERTY TAX - Amends existing law relating to property tax relief to provide for a maximum income limitation of twenty-five thousand dollars for tax year 2005; and to provide for a maximum tax reduction of one thousand two hundred dollars in tax year 2005 and thereafter. 02/11 House intro - 1st rdg - to printing 02/14 Rpt prt - to Rev/Tax
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-eighth Legislature First Regular Session - 2005IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 166 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO THE CIRCUIT BREAKER PROPERTY TAX RELIEF PROGRAM; AMENDING SECTION 3 63-705, IDAHO CODE, TO PROVIDE FOR A MAXIMUM INCOME LIMITATION OF TWENTY- 4 FIVE THOUSAND DOLLARS FOR TAX YEAR 2005 AND TO PROVIDE FOR A MAXIMUM TAX 5 REDUCTION OF ONE THOUSAND TWO HUNDRED DOLLARS IN TAX YEAR 2005 AND THERE- 6 AFTER; DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE APPLICATION. 7 Be It Enacted by the Legislature of the State of Idaho: 8 SECTION 1. That Section 63-705, Idaho Code, be, and the same is hereby 9 amended to read as follows: 10 63-705. PUBLICATION OF CHANGES IN INCOME LIMITATIONS AND PROPERTY TAX 11 REDUCTION AMOUNTS. (1) The state tax commission shall publish adjustments to 12 the income limitations which shall be an individual's income as defined in 13 section 63-701, Idaho Code, of not more than twenty-five thousand dollars 14 ($25,000) per person for tax year 2005 and property tax reduction amounts to 15 reflect cost-of-living fluctuations. The adjustments shall effect changes in 16 each income limitation by a percentage equal as near as practicable to the 17 annual cost-of-living percentage modification as determined by the secretary 18 of health and human services pursuant to 42 USC 415(i). The lowest limitation 19 shall allow a maximum reduction ofone thousand one hundred dollars ($1,100)20in tax year 1998, andone thousand two hundred dollars ($1,200) in tax year 2119992005 and thereafter, or actual property taxes, whichever is less. Each 22 income limitation and reduction amount shall be prorated based on the basic 23 maximum reduction, in practicable increments so that the highest income limi- 24 tation will provide for a reduction of one hundred fifty dollars ($150), or 25 actual property taxes, whichever is less. 26 (2) The tax commission shall publish the adjustments required by this 27 section each and every year the secretary of health and human services 28 announces said cost-of-living modification. The adjustments shall be published 29 no later than October 1 of each such year and shall be effective for claims 30 filed in and for the following property tax year. 31 (3) The publication of adjustments under this section shall be exempt 32 from the provisions of chapter 52, title 67, Idaho Code, but shall be provided 33 to each county and to members of the public upon request and without charge. 34 SECTION 2. An emergency existing therefor, which emergency is hereby 35 declared to exist, this act shall be in full force and effect on and after its 36 passage and approval, and retroactively to January 1, 2005.
STATEMENT OF PURPOSE RS 14898 This legislation increases the income threshold for the determination of circuit breaker eligibility to $25,000 per person for the year 2005. FISCAL NOTE Negative $2.2 million to the General Fund. Contact Name: Rep Wendy Jaquet Phone: 322-1132 Rep Mike Moyle 322-1120 STATEMENT OF PURPOSE/FISCAL NOTE H 166