TITLE 63

REVENUE AND TAXATION

CHAPTER 30

INCOME TAX

63-3034.  Payment of tax. (a) The entire tax imposed by this chapter shall be paid to the state tax commission on or before the date, including any extensions of the due date, upon which the return must be filed with the state tax commission, provided that payments made before the termination of the year for which taxes are paid shall be (1) based upon the taxpayer’s estimate of total state tax liability or (2) when the estimated gross income of any such taxpayer is more than six hundred dollars ($600) and the state tax commission deems it necessary to insure compliance with this chapter, the commission may require any persons subject to this chapter to place with the commission such security as the commission may determine.

(b)  The amount of the security shall be fixed by the tax commission but shall not be greater than twice the amount of tax estimated to be due, or twenty thousand dollars ($20,000), whichever is less. The amount of the security may be increased or decreased by the tax commission at any time within the limitations set forth in this subsection.

(c)  If the tax commission finds that a taxpayer of whom security is required fails to furnish the security, the tax commission may issue a jeopardy assessment as prescribed by section 63-3065, Idaho Code, and take appropriate action to effect collection of the required security.

(d)  The tax commission may sell the security at public auction or, in the case of security in the form of bearer bonds issued by the United States or the state of Idaho which have a prevailing market price, at a private sale at a price not lower than the prevailing market price if it becomes necessary to make such sale in order to recover any tax, interest or penalties due on any amount required to be collected. Notice of the sale must be given to the person who deposited the security at least ten (10) days before the sale; such notice may be given personally or by mail addressed to the person at the address furnished to the tax commission and as it appears in the records of the tax commission. Upon such sale, any surplus above the amounts due shall be returned to the person who placed the security.

History:

[63-3034, added 1959, ch. 299, sec. 34, p. 613; am. 1961, ch. 328, sec. 15, p. 622; am. 1965, ch. 316, sec. 6, p. 880; am. 1976, ch. 284, sec. 1, p. 983; am. 1997, ch. 57, sec. 11, p. 103.]