Idaho Sends IRC Conformity Legislation to Governor

The Idaho House of Representatives and Senate have passed legislation that would update the state’s IRC conformity date to December 21, 2017 (previously, January 1, 2017), for tax years beginning after 2016. However, for purposes of IRC Sec. 965 (temporary dividends received deduction) and IRC Sec. 213 (personal income tax deduction for medical expenses), the state’s conformity date would be December 31, 2017. The legislation would also require a corporate income tax addback for amounts deducted under IRC 965 and other special deductions.
H.B. 355, as passed by the Idaho House of Representatives on January 24, 2018, and the Idaho Senate on February 5, 2018

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All stories by: CCHTaxGroup