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May Roberts, policy analyst at the Idaho Center for Fiscal Policy, said lawmakers could ease the imbalance by enhancing a property “circuit breaker” tax credit, which credits property taxes ...
NAMPA — A sweeping property tax relief bill from this year’s legislative session will result in $300 million of relief this year, Gov. Brad Little and Idaho lawmakers announced Wednesday.
A Property Tax Circuit Breaker is a tax refund in the United States given to low income individuals and families whose property tax liability is a large percentage of their yearly income. The term was coined by John Shannon of the Advisory Commission on Intergovernmental Relations in the 1960s. There are currently 18 states who use a wide scope ...
Earlier in the session, Idaho Republican legislators proposed three property tax relief bills. One was simple, straightforward and a real solution to the problem. One was simple, straightforward ...
The legislation would do the following: Reduce property taxes by $260 million by eliminating the public schools maintenance and operation levy on Idaho real property. About 60% of the tax relief would go to businesses, 40% to residential property owners. In November 2006, the Act was overwhelming approved by voters with 72% voting in favor.
On its books, Idaho Power capitalized the construction-related depreciation on this equipment used for construction of the capital asset. But for income tax purposes, the taxpayer deducted the entire amount of depreciation on equipment used in construction of the capital asset under § 167(a) including the amount capitalized as construction costs.
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