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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 - 2005
IN 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 of one thousand one hundred dollars ($1,100)
20 in tax year 1998, and one thousand two hundred dollars ($1,200) in tax year
21 19992005 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