Print Friendly HOUSE BILL NO. 562
– New capital investmnt incentive act
HOUSE BILL NO. 562
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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,
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
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-ninth Legislature Second Regular Session - 2008
IN 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
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-
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,
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
The purpose of the New Capital Investments Incentive Act of
2008 is to provide incentive for major capital investment in
This proposed legislation has no fiscal impact to the state.
Name: Representative Lake
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
STATEMENT OF PURPOSE/FISCAL NOTE H 562