Idaho Code — Title 63 (Revenue and Taxation)
Idaho Code § 63-3029F
claim of right income repayment adjustments
# (1)
Subject to the provisions of this section, a credit against the taxes otherwise due shall be allowed to a taxpayer for a claim of right income repayment adjustment.
# (2)
The credit under this section shall be allowed only if the taxpayer’s federal tax liability is determined under section 1341(a) of the Internal Revenue Code.
# (3)
The amount of the credit shall equal the difference between:
# (a)
The taxpayer’s actual Idaho state income tax liability for the tax year for which the claim of right was included in gross income for federal tax purposes; and
# (b)
The taxpayer’s Idaho state income tax liability for that tax year, had the claim of right income not been included in gross income for federal tax purposes.
# (4)
A credit under this section shall be allowed only for the tax year for which the taxpayer’s federal tax liability is determined under section 1341 of the Internal Revenue Code for federal tax purposes.
# (5)
If the amount allowable as a credit under this section, when added to the sum of other amounts allowable as a payment of tax and other refundable credit amounts, exceeds the taxes imposed (reduced by any nonrefundable credits allowed for the tax year), then the excess shall be treated as an overpayment of tax and shall be refunded or applied in the same manner as other tax overpayments.
# (6)
As used in this section, "claim of right income" means:
# (a)
An item included in federal gross income for a prior tax year because it appeared that the taxpayer had an unrestricted right to the item; and
# (b)
An item for which the taxpayer’s federal tax liability is adjusted under section 1341 of the Internal Revenue Code because the taxpayer did not have an unrestricted right to the item of gross income.
Amendment history
63-3029F, added 2015, ch. 21, sec. 2, p. 27.
Source: view the official text
In this chapter (40 sections)
- 63-3024B · Idaho tax rebate fund
- 63-3025 · Tax on corporate income
- 63-3025A · Franchise tax
- 63-3025B · Organizations exempt from the tax imposed by this chapter
- 63-3025C · Corporations exempt from minimum tax
- 63-3025D · Payment for dependents sixty-five years of age or older or…
- 63-3026 · Computing Idaho taxable income of resident individuals,…
- 63-3026A · Computing Idaho taxable income of part-year or nonresident…
- 63-3026B · affected business entities — state and local taxation…
- 63-3027 · Computing Idaho taxable income of multistate or unitary…
- 63-3027A · Computing Idaho taxable income of corporations not subject…
- 63-3027B · Water’s-edge election
- 63-3027C · Election is binding — Treatment of dividends
- 63-3027D · Presumptions and burdens of proof
- 63-3027E · Operative dates
- 63-3029 · Credit for income taxes paid another state
- 63-3029A · Income tax credit for charitable contributions — Limitation
- 63-3029B · Income tax credit for capital investment
- 63-3029C · Income tax credit for certain charitable contributions —…
- 63-3029D · Tax credit for qualified equipment utilizing postconsumer…
- 63-3029F · claim of right income repayment adjustments
- 63-3029G · Credits for research activities conducted in this state —…
- 63-3029I · Income tax credit for investment in broadband equipment
- 63-3029K · Tax credit for live organ donation expenses
- 63-3029L · child TAX CREDIT
- 63-3029M · income tax credit for employer contributions to idaho…
- 63-3029N · IDAHO PARENTAL CHOICE TAX CREDIT
- 63-3029P · Priority of credits
- 63-3030 · Persons required to make returns of income
- 63-3030A · Mandate to compel return
- 63-3031 · Joint returns
- 63-3032 · Time for filing income tax returns
- 63-3033 · Extension of time
- 63-3034 · Payment of tax
- 63-3035 · State withholding tax on percentage basis — Withholding,…
- 63-3035A · State income tax withholding tax on lottery winnings
- 63-3035B · Joint power authorization
- 63-3035C · Revocation and suspension of withholding accounts — Penalties
- 63-3036 · State withholding tax for farmers
- 63-3036A · Payment of estimated tax