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2015 Legislative Watch

  • H77 - Annual Conformity Legislation
    • Signed by Governor at 8:50 am, Monday, February 23, 2015.

    Idaho House Bill 77, the annual legislation conforming Idaho Tax Code with Internal Revenue Code, has just been signed into law by the Governor. Idaho now conforms to IRS code as of January 1, 2015, retroactive to January 1, 2014, and includes the extension of Section 179 limitation at $500,000 (Idaho continues to exclude bonus depreciation). Idaho conforms to the new federal repair regulations but doesn't require documentation of that change, other than what's required at the federal level. For those with questions regarding same-sex couples and Idaho Income Tax Filing, please click here.

      Since Congress extended the federal provisions for a general sales tax deduction, as well as tuition and related expenses, you can report these items as follows:
    • Report a deduction for state and local sales tax on:
      • Form 40, line 14, or
      • Form 43, line 34
    • Report qualified tuition and related expenses on:
      • Form 40 – these items will be part of your federal adjusted gross income (AGI), or
      • Form 43, line 22

  • H35
    - Amends existing law to provide requirements relating to filing electronic returns, to provide for certain waivers, to provide a penalty and to revise a definition.
    • 2.2 - Failed in House: 25 for, 44 against, 1 absent

  • H37
    - Adds to existing law to provide for a deduction for certain charitable contributions and to provide related requirements.
    • 2.26 - Signed by Governor

  • H38
    - Amends existing law to provide additional provisions relating to the calculation of an Idaho net operating loss deduction.
    • 2.3 - Held in Revenue & Taxation Committee

  • H109a
    - Amends existing law to revise the definition of "real property" for capital gains purposes.
    • 2.10 - RS Introduced in Revenue & Taxation Committee
    • 2.11 - Referred to Revenue & Taxation
    • 2.16 - Reported out of Committee with Do Pass Recommendation; Filed for 2nd Reading
    • 2.18 - House 3rd Reading Calendar
    • 2.19 - Passed House: 68 for, O against, 2 absent
    • 2.20 - Referred to Senate Local Government & Taxation Committee
    • 3.3 - On Senate Local Government & Taxation Committee Agenda
    • 3.18 - Reported out of committee; to 14th Order for Amendment
    • 3.19 - Amended in Senate; 2nd Reading Calendar
    • 3.20 - Senate 3rd Reading Calendar
    • 3-24 - Passed Senate: 34 for, O against, 1 absent
    • 3-24 - Sent to House Committee of the Whole

  • H133
    - Amends existing law to establish additional provisions relating to a capital gains deduction - results in consistent treatment of all qualifying capital gains, rather than holding livestock to a different standard.
    • 3.19 - Signed by Governor

As you may know, on Friday, February 13th, the IRS issued Rev. Proc. 2015-20 offering most small businesses the option to make certain changes prospectively, on a cut off basis, without the cost of preparing and filing Form 3115.

But this option comes at a price, you lose the opportunity to "scrub" your depreciation schedules to write off fixed assets that should have been expensed or disposed of under the new rules. In addition, there is no audit protection for taxpayers who choose to go this route.

Although the Rev. Proc. 2015-20 offers much needed relief to many taxpayers, it presents the tax preparer with even more options, choices and decisions to make in the midst of a very busy tax season.

Are you ready?

Capitalization vs. Expense: Final Repair Regulations and Form 3115

ISCPA is pleased to present a 4-hour webinar on this need to know now topic!

This Four hour webinar will cover the many tax issues that must be resolved in order to understand the impact of the Section 162(a) and 263(a) final repair regulations effective January 1, 2014. The IRS expects most businesses with significant amounts of real and personal property will be required to file one or more 3115s this year. The IRS recently relented in Rev. Proc. 2015-20 offering most small businesses the option to make certain changes prospectively, on a cut off basis – but with no audit protection. This course will help you understand the impact of the regulations, determine if/when you need to file a 3115 and help you with the preparation of the dreaded form.

Learn more and register for our on-demand version available starting February 25th! Learn About On-Demand Version

Governor Otter appoints State Senator Elliot Werk to Idaho State Tax Commission

Sen. Elliot Werk, D-Boise, just announced to the Senate that he'll be resigning from the Senate at the end of today's session (2.17.15), to accept an appointment from Governor Otter to the Idaho State Tax Commission. His voice breaking, Werk said, "I will miss you all very much." Werk will replace former Tax Commissioner David Langhorst in a Democratic seat on the commission, which must be divided by party. You can read Otter's full announcement here.


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