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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 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