Late last night (2.18.20), we received word that the Governor signed House Bill 380, bringing Idaho tax law into conformance with IRS Code as of January 1, 2020.
The Conformity bill specifies-
- Medical expense threshold reduced back to 7.5% of AGI on Schedule A
- Mortgage insurance deduction
- Mortgage debt relief excluded from income
- Tuition expense deduction
- Energy efficient commercial building
- Support contractors for armed forces
- Investment Tax Credit for energy property
- Foreign subsidiary expense deductions
- 5-year cost recovery for energy property
- Increase age of mandatory distributions 70.5 to 72 years
- Payment of student loans are now a qualified 529 withdrawal
This conformity legislation does include Section 179 that has been made permanent in federal statute. It does not include bonus depreciation.
If you have any questions regarding the legislation feel free to contact Laura Lantz, Executive Director at 344-6261 or 800-388-3635.