2008 Legislation
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HOUSE BILL NO. 346<br /> – Unclaimed property, interest rate

HOUSE BILL NO. 346

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Bill Status



H0346...............................................by REVENUE AND TAXATION
UNCLAIMED PROPERTY - Amends existing law to exclude the interest rate
provisions of Section 63-3045, Idaho Code, in the unclaimed property law.

01/16    House intro - 1st rdg - to printing
01/17    Rpt prt - to Rev/Tax
01/21    Rpt out - rec d/p - to 2nd rdg
01/22    2nd rdg - to 3rd rdg
01/24    3rd rdg - PASSED - 70-0-0
      AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Black,
      Block, Bock, Boe, Bolz, Bowers, Brackett, Bradford, Chadderdon,
      Chavez, Chew, Clark, Collins, Crane, Durst, 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, Ringo, Roberts, Ruchti, Rusche, Sayler, Schaefer,
      Shepherd(02), Shepherd(08), Shirley, Shively, Smith(30), Smith(24),
      Snodgrass, Stevenson, Thayn, Thomas, Trail, Vander Woude, Wills,
      Wood(27), Wood(35), Mr. Speaker
      NAYS -- None
      Absent and excused -- None
    Floor Sponsor - Killen
    Title apvd - to Senate
01/25    Senate intro - 1st rdg - to Loc Gov
01/31    Rpt out - rec d/p - to 2nd rdg
02/01    2nd rdg - to 3rd rdg
02/05    3rd rdg - PASSED - 34-0-1
      AYES -- Andreason, Bair, Bastian, Bilyeu, Broadsword, Burkett,
      Cameron, Coiner, Corder, Darrington, Davis, Fulcher, Geddes, Goedde,
      Hammond, Heinrich, Hill, Jorgenson, Kelly, Keough, Langhorst, Little,
      Lodge, Malepeai(Sagness), McGee, McKague, McKenzie, Pearce,
      Richardson, Schroeder, Siddoway, Stegner, Stennett(Thorson), Werk
      NAYS -- None
      Absent and excused -- Gannon
    Floor Sponsor - Siddoway
    Title apvd - to House
02/06    To enrol
02/07    Rpt enrol - Sp signed
02/08    Pres signed
02/11    To Governor
02/13    Governor signed
         Session Law Chapter 11
         Effective: 07/01/08

Bill Text




                                                                       
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-ninth Legislature                   Second Regular Session - 2008

                                                                       

                              IN THE HOUSE OF REPRESENTATIVES

                                     HOUSE BILL NO. 346

                             BY REVENUE AND TAXATION COMMITTEE

  1                                        AN ACT
  2    RELATING TO THE UNCLAIMED PROPERTY ACT; AMENDING SECTION 14-532,  IDAHO  CODE,
  3        TO EXCLUDE THE INTEREST RATE PROVISIONS OF SECTION 63-3045, IDAHO CODE.

  4    Be It Enacted by the Legislature of the State of Idaho:

  5        SECTION  1.  That  Section  14-532, Idaho Code, be, and the same is hereby
  6    amended to read as follows:

  7        14-532.  ENFORCEMENT -- ACTIONS TO ENFORCE  UNCLAIMED  PROPERTY  LAW.  The
  8    collection  and  enforcement  procedures provided by the Idaho income tax act,
  9    sections 63-3038, 63-3039, and  63-3042  through  63-3065A,  Idaho  Code,  but
 10    excluding  subsection  (6)  of section 63-3045, Idaho Code, shall apply and be
 11    available to the state tax commission for enforcement  of  the  provisions  of
 12    this  chapter  and collection of any property required to be transferred shall
 13    be treated in the same manner as taxes due the state of  Idaho,  and  wherever
 14    liens or any other proceedings are defined as income tax liens or proceedings,
 15    they  shall,  when  applied  in  enforcement  of this chapter, be described as
 16    unclaimed property liens and proceedings.

Statement of Purpose / Fiscal Impact



                   STATEMENT OF PURPOSE
	
                          RS 17322


This bill clarifies the interest rate applicable under the 
Uniform Unclaimed Property Act.  Current law contains 
conflicting provisions on interest rates.  The Act contains 
a rate of 12% but inadvertently also includes by reference 
the different rate contained in the Idaho Income Tax Act, 
which currently is 7%.  This bill retains the rate 
originally included in the Uniform Unclaimed Property Act 
by excluding reference to the interest rate in the Income 
Tax Act.   


                         FISCAL NOTE


No fiscal effect.  The bill reflects current practice.  





CONTACT
Name:  	Ted Spangler/Dan John 
Agency: State Tax Commission 
Phone:  (208) 334-7530


STATEMENT OF PURPOSE/FISCAL NOTE                  H 346