The bill amends the Idaho Code to address taxation, particularly focusing on capital gains and losses from precious metal bullion sales, military retirement pay deductions, and income tax rates for individuals and corporations. It introduces a provision allowing taxpayers to adjust their Idaho taxable income by adding or subtracting net capital gains or losses from precious metal bullion, as defined in section 63-3622V. Additionally, the bill expands eligibility for military retirement benefits deductions, removing age and disability status restrictions, provided certain income conditions are met.

Moreover, the bill reduces the individual, estate, and trust income tax rate from 5.695% to 5.3% for taxable income over $2,500, with adjustments made for joint returns. It also clarifies the conditions under which retirement benefits can be deducted and mandates annual adjustments to tax thresholds based on the consumer price index to prevent inflation from negatively impacting taxpayers. The corporate income tax rate is similarly reduced to 5.3%. Declared an emergency measure, the bill takes effect immediately upon passage and is retroactively applicable to January 1, 2025.

Statutes affected:
Bill Text: 63-3022, 63-3022A, 63-3024, 63-3025