CONFORMITY TO FEDERAL INTERNAL REVENUE CODE (IRC)
 

Once Idaho conforms to the IRC, it follows the federal effective date of any federal changes adopted, including any retroactive dates.

2008

Idaho law conforms to the IRC as of Feb. 14, 2008, including the provisions in the “Economic Stimulus Act of 2008.”  New provisions increase the amount of depreciable assets that can be expensed under IRC section 179 to $250,000 for tax years beginning in 2008.  Also, IRC section 168(k) allows 50% bonus first-year depreciation for qualified property purchased and placed in service during 2008.  Amounts deducted as bonus depreciation don’t qualify for the Idaho investment tax credit.

See House Bill 615 signed by the Governor on March 31, 2008.

2007

Idaho law conforms to the IRC as of Jan. 1, 2008.  See House Bill 342 signed by the Governor on Feb. 8, 2008.

2006

Idaho law conforms to the IRC as of Jan. 1, 2007.  See House Bill 16 signed by the Governor on Feb. 14, 2007.