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H0562...............................................by REVENUE AND TAXATION
CAPITAL INVESTMENTS - PROPERTY TAX EXEMPTIONS - Adds to existing law to
provide a property tax exemption for certain new capital investments over
$400,000,000 in a single county.
02/26 House intro - 1st rdg - to printing
02/27 Rpt prt - to Rev/Tax
02/29 Rpt out - rec d/p - to 2nd rdg
03/03 2nd rdg - to 3rd rdg
03/05 3rd rdg - PASSED - 41-27-2
AYES -- Andrus, Barrett, Bedke, Bilbao, Black, Block, Bolz, Bowers,
Brackett, Bradford, Chadderdon, Clark, Collins, Crane, Hagedorn,
Hart, Harwood, Henderson, Lake, Loertscher, Marriott, Mathews,
McGeachin, Mortimer, Moyle, Nielsen, Raybould, Roberts, Rusche,
Sayler, Schaefer, Shepherd(02), Shirley, Shively, Snodgrass,
Stevenson, Thomas, Wills, Wood(27), Wood(35), Mr. Speaker
NAYS -- Bayer, Bell, Bock, Boe, Chavez, Chew, Durst, Eskridge,
Henbest, Jaquet, Killen, King, Kren, Labrador, LeFavour, Luker,
Pasley-Stuart, Patrick, Pence, Ringo, Ruchti, Shepherd(08),
Smith(30), Smith(24), Thayn, Trail, Vander Woude
Absent and excused -- Anderson, Nonini
Floor Sponsor - Mortimer
Title apvd - to Senate
03/06 Senate intro - 1st rdg - to Loc Gov
03/13 Rpt out - rec d/p - to 2nd rdg
03/14 2nd rdg - to 3rd rdg
03/17 3rd rdg - PASSED - 23-11-1
AYES -- Andreason, Bair, Bastian, Broadsword, Cameron, Darrington,
Davis, Fulcher, Geddes, Goedde, Hammond, Heinrich, Hill, Jorgenson,
Keough, Lodge, Malepeai(Sagness), McGee, McKague, McKenzie, Pearce,
Richardson, Siddoway
NAYS -- Bilyeu, Burkett, Coiner, Corder, Kelly, Langhorst, Little,
Schroeder, Stegner, Stennett, Werk
Absent and excused -- Gannon
Floor Sponsor - Hill
Title apvd - to House
03/18 To enrol - Rpt enrol - Sp signed
03/19 Pres signed - To Governor
03/24 Governor signed
Session Law Chapter 234
Effective: 01/01/08
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature Second Regular Session - 2008IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 562 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO TAXATION; AMENDING TITLE 63, IDAHO CODE, BY THE ADDITION OF A NEW 3 CHAPTER 45, TITLE 63, IDAHO CODE, TO PROVIDE A SHORT TITLE, TO PROVIDE A 4 PROPERTY TAX EXEMPTION FOR CERTAIN NEW CAPITAL INVESTMENTS, TO DEFINE 5 TERMS, TO PROVIDE PROCEDURES AND TO PROVIDE RULES; PROVIDING SEVERABILITY; 6 DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE APPLICATION. 7 Be It Enacted by the Legislature of the State of Idaho: 8 SECTION 1. That Title 63, Idaho Code, be, and the same is hereby amended 9 by the addition thereto of a NEW CHAPTER, to be known and designated as Chap- 10 ter 45, Title 63, Idaho Code, and to read as follows: 11 CHAPTER 45 12 NEW CAPITAL INVESTMENTS INCENTIVE ACT 13 63-4501. SHORT TITLE. This chapter shall be known and may be cited as the 14 "Idaho New Capital Investments Incentive Act of 2008." 15 63-4502. TAX EXEMPTION FOR NEW CAPITAL INVESTMENTS. (1) For calendar 16 years beginning on or after January 1, 2008, the net taxable value of all 17 property of a taxpayer in excess of four hundred million dollars 18 ($400,000,000) located within a single county in Idaho shall be exempt from 19 property taxation and any special assessment, but only to the extent that such 20 property constitutes a new capital investment as defined in subsection (2) of 21 this section. 22 (2) For purposes of this section, the following definitions shall apply: 23 (a) "New capital investment" means an investment of at least one billion 24 dollars ($1,000,000,000) made during the project period by the acquisi- 25 tion, construction, improvement or installation of real or personal prop- 26 erty related to new plant and building facilities at a project site 27 located within the county referred to in subsection (1) of this section. 28 (b) "New plant and building facilities" means: 29 (i) Qualified investments as defined in section 63-3029B, Idaho 30 Code; or 31 (ii) Buildings or structural components of buildings. 32 (c) "Project period" means the period of time beginning at the first 33 inspection of the permanent building structure following issuance of the 34 building permit, but in no case earlier than January 1, 2008, and ending 35 no later than seven (7) years after the calendar year in which such 36 inspection takes place. 37 (d) "Project site" means an area or areas at which the new plant and 38 building facilities described in subsection (2)(b) of this section are 39 located. 40 (3) The property included in the calculation for purposes of determining 41 investment value shall include all real property owned, and all personal prop- 2 1 erty owned, leased or rented. With respect to leased or rented personal prop- 2 erty, only that portion of the property for which a taxpayer is contractually 3 liable for payment of property taxes thereon, shall be included in the calcu- 4 lation of the investment. 5 (4) Notwithstanding the exemption provided in subsection (4) of section 6 63-3029B, Idaho Code, no other exemption from property tax or any special 7 assessment provided by the statutes of this state shall be applicable to any 8 property described in subsection (2) of this section with respect to a year in 9 which the incentives set forth in subsection (1) of this section apply to any 10 of the same property. 11 (5) Property subject to the provisions of this section shall not be 12 included on the property roll or the new construction roll prepared by the 13 county assessor in accordance with section 63-301 or 63-301A, Idaho Code, 14 respectively. 15 (6) The state tax commission shall adopt all rules that may be necessary 16 to implement the provisions of this section. 17 SECTION 2. SEVERABILITY. The provisions of this act are hereby declared 18 to be severable and if any provision of this act or the application of such 19 provision to any person or circumstance is declared invalid for any reason, 20 such declaration shall not affect the validity of the remaining portions of 21 this act. 22 SECTION 3. An emergency existing therefor, which emergency is hereby 23 declared to exist, this act shall be in full force and effect on and after its 24 passage and approval, and retroactively to January 1, 2008.
STATEMENT OF PURPOSE
RS 17926
The purpose of the New Capital Investments Incentive Act of
2008 is to provide incentive for major capital investment in
Idaho.
FISCAL NOTE
This proposed legislation has no fiscal impact to the state.
Contact
Name: Representative Lake
Phone: 332-1000
Senator Geddes, Senator Davis, Senator Hill, Senator Siddoway,
Senator Richardson, Senator Bair, Representative Lake,
Representative Bedke, Representative Marriott, Representative
McGeachin, Representative Mortimer, Representative Mathews,
Representative Shirley, Representative Raybould, Representative
Moyle
STATEMENT OF PURPOSE/FISCAL NOTE H 562