Idaho H0559 updates tax code references and revises tax credits and adjustments.
Idaho H0559 amends existing law to update references to the Internal Revenue Code and revise certain tax credits and adjustments. The bill modifies the Internal Revenue Code application date to January 1, 2025, and specifies how bonus depreciation is added back to Idaho taxable income. It also revises provisions regarding credits for research activities conducted in Idaho, including the calculation of these credits and the carryforward of unused credits. The bill declares an emergency and provides retroactive application to January 1, 2025.
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