HOUSE BILL NO. 438

2008 Legislation

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HOUSE BILL NO. 438<br /> – Low-income housing, tax exemptn

View Statement of Purpose / Fiscal Impact

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Bill Status


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

Bill Text




                                                                       
  ]]]]              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 / Fiscal Impact



                       STATEMENT OF PURPOSE

                             RS 17711

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.


                           FISCAL NOTE

There will be no negative fiscal impact on state or local
government as a result of this act.


          
Contact
Name: Rep. Phil Hart 
Phone: 208 332 1000
Rep. George Sayler


STATEMENT OF PURPOSE/FISCAL NOTE                         H 438