Print Friendly HOUSE BILL NO. 260 – Property tax exmpt/capital investmt
HOUSE BILL NO. 260
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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 - 2005
IN 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
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
The bill is effective January 1, 2005.
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
Name: Dolores Crow
Name: Debbie Field
Name: Mike Reynoldson, Micron
STATEMENT OF PURPOSE/FISCAL NOTE H 260