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H0260...............................................by REVENUE AND TAXATION PROPERTY TAX EXEMPTION - Adds to existing law to exempt from the property tax the market value of all property of a person in excess of seven hundred million dollars within a single county. 02/23 House intro - 1st rdg - to printing 02/24 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. 260 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO THE PROPERTY TAX; AMENDING CHAPTER 6, TITLE 63, IDAHO CODE, BY THE 3 ADDITION OF A NEW SECTION 63-602HH, IDAHO CODE, TO EXEMPT FROM PROPERTY 4 TAX THE MARKET VALUE OF ALL PROPERTY OF A PERSON IN EXCESS OF SEVEN HUN- 5 DRED MILLION DOLLARS WITHIN A SINGLE COUNTY, TO PROVIDE APPLICATION TO 6 OWNED, LEASED OR RENTED PROPERTY, TO PROVIDE FOR DESIGNATION IN CERTAIN 7 INSTANCES AND TO PROVIDE FOR RULES; DECLARING AN EMERGENCY AND PROVIDING 8 RETROACTIVE APPLICATION. 9 Be It Enacted by the Legislature of the State of Idaho: 10 SECTION 1. That Chapter 6, Title 63, Idaho Code, be, and the same is 11 hereby amended by the addition thereto of a NEW SECTION, to be known and des- 12 ignated as Section 63-602HH, Idaho Code, and to read as follows: 13 63-602HH. PROPERTY EXEMPT FROM TAXATION -- SIGNIFICANT CAPITAL INVEST- 14 MENTS. (1) The market value of all property of a person in excess of seven 15 hundred million dollars ($700,000,000) within a single county in Idaho shall 16 be exempt from property taxation. 17 (2) The property included in the calculation of the exemption set forth 18 in subsection (1) of this section shall include all property owned, leased or 19 rented that would otherwise be subject to property tax. Only leased or rented 20 property regarding which a person is contractually liable for payment of sepa- 21 rately identified property taxes thereon shall be included in the calculation 22 of the exemption provided by subsection (1) of this section. 23 (3) Leased or rented property, included in the calculation of the exemp- 24 tion provided by subsection (1) of this section shall not be assessable 25 against the owner of such property. 26 (4) The exemption shall apply first to owned property and, if exhausted, 27 shall then apply to property leased or rented. 28 (5) The person owning the property, in the case of property not leased or 29 rented, and the person leasing or renting property included in the calculation 30 in subsection (1) of this section shall designate the property to which the 31 exemption applies. 32 (6) The state tax commission shall adopt all rules that may be necessary 33 to implement this section. 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 RS15053 This bill exempts from property tax "significant capital investment." The exemption is for the market value of all property of a business or person in excess of seven hundred million dollars ($700,000,000) within a single county. The property tax cap will come in to effect if an existing Idaho business, or a new business to the state, makes a significant capital investment which would put its market value over $700,000,000. The bill is effective January 1, 2005. FISCAL NOTE No effect on the general fund. The cost to local governments and schools should be zero or minimal, as it is estimated that no single taxpayer will have a market value of more than $700,000,000. Contact Name: Dolores Crow Phone: 332-1000 Name: Debbie Field Phone: 332-1000 Name: Mike Reynoldson, Micron Phone: 599-0510 STATEMENT OF PURPOSE/FISCAL NOTE H 260