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