Bill Description: House Bill 510 would allow more taxpayers to take advantage of federal income tax deductions for state and local taxes paid by an “affected business entity.”
Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments?
House Bill 510 would amend Section 63-3026B, Idaho Code, to add definitions and to make other changes that allow trusts and estates to take advantage of certain deductions allowed under federal income tax law. These deductions, specifically, are for state and local taxes paid by a particular kind of business known as an "affected business entity." The bill adds trusts and estates to the definition of affected business entities.
This bill will not reduce the taxes paid to the state of Idaho, but it may reduce the amount of federal taxes that some individuals and entities are required to pay.
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