TITLE 63

REVENUE AND TAXATION

CHAPTER 6

EXEMPTIONS FROM TAXATION

63-602HH.  Property exempt from taxation — Significant capital investments. (1) The net taxable value of all property of a taxpayer in excess of eight hundred million dollars ($800,000,000) located within a single county in Idaho shall be exempt from property taxation and any special assessment.

(2)  The property included in the calculation of the exemption set forth in this section shall include all real property owned, and all personal property owned, leased, or rented that would otherwise be subject to property tax; provided however, with respect to leased or rented personal property, only that portion of the property which a taxpayer is contractually liable for payment of property taxes thereon shall be included in the calculation of the exemption.

(3)  Leased or rented personal property, included in the calculation of the exemption provided by this section shall not be assessable against the owner of such property.

(4)  The exemption set forth in this section shall apply first to owned real and personal property and, if exhausted, shall then apply to leased or rented personal property.

(5)  The taxpayer owning, leasing, or renting the property included in the calculation of the exemption shall designate the property to which the exemption applies.

(6)  The exemption set forth in this section shall not be available to any taxpayer with respect to a given year who, in the immediately preceding calendar year, failed to make significant capital investments of at least twenty-five million dollars ($25,000,000), by the acquisition or improvement of real or personal property located within the county referred to in subsection (1) of this section.

(7)  The exemption set forth in this section shall not be available to any taxpayer with respect to a given year who, as of the first day of such year, did not employ or engage on a regular full-time basis, or the equivalent thereof, at least one thousand five hundred (1,500) workers within the county referred to in subsection (1) of this section.

(8)  Except for the exemption provided for in subsection (4) of section 63-3029B, Idaho Code, no other exemption from property tax or any special assessment provided by the statutes of this state shall be applicable to any property described in subsection (2) of this section with respect to a year in which the exemption set forth in subsection (1) of this section applies to any of the same property.

(9)  Property exempted under this section shall not be included on any new construction roll prepared by the county assessor in accordance with section 63-301A, Idaho Code.

(10) The state tax commission shall adopt all rules that may be necessary to implement this section.

History:

[63-602HH, added 2005, ch. 284, sec. 1, p. 922; am. 2006, ch. 59, sec. 1, p. 183.]