TITLE 63

REVENUE AND TAXATION

CHAPTER 13

MISCELLANEOUS PROVISIONS OF TAX LAW

63-1315.  funding of a judicially confirmed obligation. (1)  A nonschool taxing district having a population of less than seven thousand five hundred (7,500) may certify a budget request for an amount of property tax revenues to finance an annual budget in excess of the limitations imposed by section 63-802, Idaho Code, for the purpose of paying an obligation that has been judicially confirmed pursuant to chapter 13, title 7, Idaho Code, provided that all of the following conditions are met:

(a)  The taxing district has, within the previous five (5) years, held at least three (3) elections to obtain voter approval to incur the debt;

(b)  The taxing district first budgets the maximum amount of property tax permitted pursuant to section 63-802, Idaho Code, including any available forgone amount;

(c)  All surplus funds available to the taxing district are used to pay the obligation;

(d)  The obligation was judicially confirmed after March 1, 2018, but before December 31, 2019;

(e)  The obligation amount exceeds one-third (1/3) of the property tax revenues used to finance the taxing district’s highest annual budget in the preceding three (3) years; and

(f)  The amount in excess of the limitations imposed by section 63-802, Idaho Code, authorized by this section does not increase the budget that would otherwise be applicable by more than the amount raised by a levy rate of one-tenth of one percent (0.1%).

(2)  The provisions of subsection (1) of this section pertain regardless of whether the obligation is paid in cash, redeemable warrants, the proceeds of bonded indebtedness permitted as an ordinary and necessary expense, or any combination of these methods of payment.

(3)  The state tax commission may promulgate rules necessary to administer the provisions of this section.

(4)  The levy resulting from the provisions of subsection (1) of this section may be imposed only until the obligation is paid in full.

History:

[63-1315, added 2019, ch. 205, sec. 1, p. 625.]