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H0141...............................................by REVENUE AND TAXATION
INCOME TAX - Amends existing law to delete the provision in Idaho Income
Tax Law that exempts non-Idaho banks and financial institutions from the
Idaho income tax paid by Idaho banks.
02/08 House intro - 1st rdg - to printing
02/09 Rpt prt - to Rev/Tax
02/13 Rpt out - rec d/p - to 2nd rdg
02/14 2nd rdg - to 3rd rdg
02/16 3rd rdg - PASSED - 69-0-1
AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Black,
Bock, Boe, Bolz, Brackett, Bradford, Chadderdon, Chavez, Chew, Clark,
Collins, Crane, Durst, Edmunson, Eskridge, Hagedorn, Hart, Harwood,
Henbest, Henderson, Jaquet, Killen, King, Kren, Labrador, Lake,
LeFavour, Loertscher, Luker, Marriott, Mathews, McGeachin, Mortimer,
Moyle, Nielsen, Nonini, Pasley-Stuart, Patrick, Pence, Raybould,
Ring, Ringo, Roberts, Ruchti, Rusche, Sayler, Schaefer, Shepherd(2),
Shepherd(8), Shirley, Shively, Smith(30), Smith(24), Snodgrass,
Stevenson, Thayn, Trail, Vander Woude, Wills, Wood(27), Wood(35), Mr.
Speaker
NAYS -- None
Absent and excused -- Block
Floor Sponsor - LeFavour
Title apvd - to Senate
02/19 Senate intro - 1st rdg - to Loc Gov
02/28 Rpt out - rec d/p - to 2nd rdg
03/01 2nd rdg - to 3rd rdg
03/02 3rd rdg - PASSED - 35-0-0
AYES -- Andreason, Bair, Bastian, Bilyeu, Broadsword, Burkett,
Cameron, Coiner, Corder, Darrington, Davis, Fulcher, Gannon, Geddes,
Goedde, Hammond, Heinrich, Hill, Jorgenson, Kelly, Keough, Langhorst,
Little, Lodge, Malepeai, McGee, McKague, McKenzie, Pearce,
Richardson, Schroeder, Siddoway, Stegner, Stennett, Werk
NAYS -- None
Absent and excused -- None
Floor Sponsor - Langhorst
Title apvd - to House
03/05 To enrol
03/06 Rpt enrol - Sp signed
03/07 Pres signed
03/08 To Governor
03/12 Governor signed
Session Law Chapter 59
Effective: 01/01/08
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-ninth Legislature First Regular Session - 2007
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 141
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAXES; AMENDING SECTION 63-3023, IDAHO CODE, TO REVISE THE
3 DEFINITION OF THE TERM "TRANSACTING BUSINESS"; AND PROVIDING AN EFFEC-
4 TIVE DATE.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 63-3023, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 63-3023. TRANSACTING BUSINESS. (a) Subject only to the limitations of the
9 constitutions of the United States and of the state of Idaho, and except as
10 expressly provided in subsection (b) of this section, the term "transacting
11 business" shall include owning or leasing, whether as lessor or lessee, of any
12 property, including real and personal property, located in this state, or
13 engaging in or the transacting of any activity in this state, for the purpose
14 of or resulting in economic or pecuniary gain or profit.
15 (b) Notwithstanding the provisions of subsection (a) of this section, any
16 corporation, bank, trust company, mutual savings bank, savings and loan asso-
17 ciation, national banking association or other corporation, association or
18 trust organized and existing under the laws of any state or territory of the
19 United States other than the state of Idaho or existing under the laws of the
20 United States including, without restriction of the generality of the forego-
21 ing, employee pension fund organizations, charitable foundations, trust funds,
22 real estate investment trusts, or other such funds and trusts engaged in the
23 investment of moneys, and trustees of such organizations, which does not main-
24 tain an office within the state of Idaho for any purpose shall not be deemed
25 to be transacting business within the state of Idaho during any taxable year
26 by reason of carrying on in this state any one (1) or more of the following
27 activities:
28 (1) Creating, acquiring or purchasing of loans, secured or unsecured, or
29 any interest therein;
30 (2) Collecting and servicing of loans in any manner whatsoever and the
31 making of credit investigations and physical inspections and appraisals of
32 real or personal property securing any loans or proposing to secure any
33 loans;
34 (3) Soliciting of applications for loans which are sent outside this
35 state for approval; and
36 (4) Filing of security interests; maintaining or defending any action or
37 suit; holding, selling, assigning, transferring, collecting or enforcing
38 any loans, or foreclosing or other disposition thereof, including acquir-
39 ing title to property securing such loans by foreclosure, deed in lieu of
40 foreclosure, or otherwise, as a result of default under the terms of the
41 mortgage, deed of trust or other security instruments relating thereto, or
42 the holding, protecting and maintaining of said property so acquired or
43 the disposition thereof.
2
1 SECTION 2. This act shall be in full force and effect on and after Janu-
2 ary 1, 2008.
STATEMENT OF PURPOSE
RS 16800
This bill updates the Idaho income tax law by repealing the
provision that exempts non-Idaho banks and financial institutions
from the Idaho income tax paid by Idaho banks.
FISCAL NOTE
Increase to General Fund
Fiscal Year 2008 = $1.2m
Fiscal Year 2009 = $5.5m
Contacts: Dan John, State Tax Commission
Phone: (208) 334-7500
Contact: Ted Spangler, State Tax Commission
Phone: (208) 334-7500
STATEMENT OF PURPOSE/FISCAL NOTE H 141