This bill amends several sections of the Idaho Code concerning taxation, focusing on market value assessments, military retirement pay deductions, corporate income tax rates, and tax assessment limitations. It mandates that property assessments must reflect a median ratio of assessed value to market value between ninety-five percent (95%) and one hundred five percent (105%). The bill also updates military retirement pay deductions, allowing for exemptions for disabled individuals, those over sixty-two, or those with sufficient employment income. Additionally, it introduces a tiered reduction in corporate income tax rates, aiming for a final rate of five and three-tenths percent (5.3%) by 2025, and revises the timeframes for tax assessments and collections.

Moreover, the bill clarifies the process for issuing notices of deficiency and the distribution of sales tax revenues. It specifies that notices related to pass-through entities can be extended by mutual consent and outlines the allocation of sales tax revenues to various funds, including support for indigent defense services. The bill also establishes financial appropriations for fiscal years 2024 and beyond, designating specific percentages of revenues for homeowner property tax relief, transportation projects, and educational support programs. It includes provisions for annual transfers to the school district facilities fund and the tax relief fund, with effective dates for various sections specified throughout the bill.

Statutes affected:
Bill Text: 63-3633, 63-3045, 63-3068, 63-3638