Print Friendly HOUSE BILL NO. 438
– Low-income housing, tax exemptn
HOUSE BILL NO. 438
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H0438...............................................by REVENUE AND TAXATION
PROPERTY TAX - Adds to existing law to provide a property tax exemption for
certain low-income housing.
01/30 House intro - 1st rdg - to printing
01/31 Rpt prt - to Rev/Tax
02/12 Rpt out - rec d/p - to 2nd rdg
02/13 2nd rdg - to 3rd rdg
02/14 3rd rdg - PASSED - 64-2-4
AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Block,
Bock, Boe, Bolz, 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,
Nonini, Pasley-Stuart, Patrick, Pence, Raybould, Ringo(Cooke),
Roberts, Ruchti, Rusche, Sayler, Schaefer, Shepherd(02),
Shepherd(08), Shively, Smith(30), Smith(24), Snodgrass, Stevenson,
Thayn, Trail, Vander Woude, Wood(27), Wood(35), Mr. Speaker
NAYS -- Bowers, Thomas
Absent and excused -- Black, Nielsen, Shirley, Wills
Floor Sponsor - Sayler
Title apvd - to Senate
02/15 Senate intro - 1st rdg - to Loc Gov
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-ninth Legislature Second Regular Session - 2008
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 438
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO PROPERTY EXEMPT FROM TAXATION; AMENDING CHAPTER 6, TITLE 63, IDAHO
3 CODE, BY THE ADDITION OF A NEW SECTION 63-602KK, IDAHO CODE, TO PROVIDE A
4 TAX EXEMPTION FOR CERTAIN LOW-INCOME HOUSING AND TO PROVIDE FOR RULES;
5 DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE APPLICATION.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Chapter 6, Title 63, Idaho Code, be, and the same is
8 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
9 ignated as Section 63-602KK, Idaho Code, and to read as follows:
10 63-602KK. PROPERTY EXEMPT FROM TAXATION -- CERTAIN LOW-INCOME HOUSING.
11 (1) The following property is exempt from taxation: Any portion of the value
12 of taxable property receiving low-income housing credits under 26 U.S.C. sec-
13 tion 42 which is attributable to the value of the credit under that section or
14 proceeds derived from the original sale of the credit.
15 (2) The state tax commission shall promulgate rules providing for the
16 exclusion from taxable value of low-income housing of the value exempted by
17 subsection (1) of this section.
18 SECTION 2. An emergency existing therefor, which emergency is hereby
19 declared to exist, this act shall be in full force and effect on and after its
20 passage and approval, and retroactively to January 1, 2008.
STATEMENT OF PURPOSE
The purpose of this proposed new section in Title 63 is to
prevent U.S.C. section 42 low income housing tax credits from
being used for assessment purposes and thereby risk forcing many
LIHTC affordable housing properties into foreclosure. Adoption
of this amendment will foster the continued existence and
additional construction of affordable rental housing in Idaho.
There will be no negative fiscal impact on state or local
government as a result of this act.
Name: Rep. Phil Hart
Phone: 208 332 1000
Rep. George Sayler
STATEMENT OF PURPOSE/FISCAL NOTE H 438