Idaho Governor Signs Law Amending Military Retirement Pay Deductions, Corporate Income Tax Rate

The Idaho Governor signed a law amending various tax provisions regarding tax deductions, corporate income tax rates, sales tax distributions, and certain protections for taxpayers. The law includes: 1) revising the eligibility requirements for tax deductions from taxable income derived from military retirement pay; 2) the corporate income tax rate of 5.3 percent for each taxable year, beginning on and after Jan. 1, 2025; and 3) extends the period of limitation for assessment and collection of taxes for non-filers, from 3 years to 7 years. The law takes effect on July 1, with certain provisions taking effect retroactively from Jan. ...