Idaho conforms to federal Internal Revenue Code
Idaho law conforms to the Internal Revenue Code (IRC) as of December 21, 2017. See House Bill 355 signed by Gov. Otter.
The conformity includes:
- The provision that lowers the threshold to claim medical expenses from 10% down to 7.5%.
- The provision that requires taxpayers to report and pay tax on the repatriation of previously unreported overseas earnings that could apply to 2017.
The conformity doesn’t include:
- Bonus depreciation.
- Changes that Congress made to the Internal Revenue Code on February 9, 2018. The Tax Commission is working with the Governor’s office on how to address the federal tax breaks that Congress extended for 2017. Stay tuned for more information.
tax pros general