Idaho § 63-3024B - Idaho tax rebate fund

§ 63-3024B. Idaho tax rebate fund

(1) There is hereby created in the state treasury the Idaho tax rebate fund for the purpose of implementing the provisions of this section.

(a) Up to two hundred twenty million dollars ($220,000,000), less administrative costs, shall be distributed by the state tax commission to pay rebates to individual taxpayers as provided in subsection (2) of this section, which moneys are continuously appropriated.

(b) For rebates authorized under subsection (3) of this section, up to three hundred fifty million dollars ($350,000,000), less administrative costs, shall be distributed by the state tax commission to pay rebates to individual taxpayers, which moneys are continuously appropriated.

(c) For rebates authorized under subsection (4) of this section, up to five hundred million dollars ($500,000,000), less administrative costs, shall be distributed by the state tax commission to pay rebates to individual taxpayers, which moneys are continuously appropriated.

(d) On June 1, 2023, of the moneys remaining following the distributions authorized pursuant to paragraphs (a), (b), and (c) of this subsection, anticipated to be approximately one hundred thirty million dollars ($130,000,000), fifty percent (50%) shall be transferred by the state controller to the homeowner property tax relief account established pursuant to section 63-724 , Idaho Code, and fifty percent (50%) shall be transferred by the state controller to the school district facilities fund established pursuant to section 33-911 , Idaho Code.

(2) After filing a 2020 Idaho individual income tax return or form 24 on or before December 31, 2021, any full-year resident taxpayer who also filed an individual income tax return or a form 24 for 2019 shall receive a onetime, nontaxable income tax rebate check in an amount approximately equal to nine percent (9%) of the tax amount, if any, reported on 2019 form 40, line 20, or for service members on 2019 form 43, line 42, or fifty dollars ($50.00) per taxpayer and each dependent, whichever is more. Any unexpended moneys remaining from the rebate authorized under this subsection shall be added by the state tax commission to the moneys designated for the rebate authorized under subsection (3) of this section.

(3) After filing a 2021 Idaho individual income tax return or form 24 on or before December 31, 2022, any full-year resident taxpayer who also filed a 2020 individual income tax return or form 24 on or before December 31, 2022, shall receive a onetime, nontaxable income tax rebate check in an amount approximately equal to twelve percent (12%) of the tax amount, if any, reported on 2020 form 40, line 20, or for service members on 2020 form 43, line 42, or seventy-five dollars ($75.00) per taxpayer and each dependent, whichever is more. The state tax commission shall issue such rebates during the 2022 fiscal year and 2023 fiscal year to the extent possible.

(4) In addition to the rebate granted under subsection (3) of this section, after filing a 2021 Idaho individual income tax return or form 24 on or before December 31, 2022, any full-year resident taxpayer who also filed a 2020 individual income tax return or a form 24 on or before December 31, 2022, shall receive a onetime nontaxable income tax rebate check in an amount approximately equal to ten percent (10%) of the tax amount, if any, reported on 2020 form 40, line 20, or for service members on 2020 form 43, line 42, or three hundred dollars ($300) per individual return or six hundred dollars ($600) per joint return, whichever is more. The state tax commission shall issue such rebates during the 2023 fiscal year to the extent possible.

[63-3024B, added 2021, ch. 342, sec. 2, p. 1041; am. 2022, ch. 1, sec. 2, p. 4; am. 2022, 1st E.S., ch. 1, sec. 2, p. 5; am. 2023, ch. 200, sec. 13, p. 551.]