Budget & Taxes (Sales Tax)

This bill creates a new excise tax on international money transfers originating in Idaho, charging a $5 fee plus 4% on amounts over $500 for each transaction. The tax applies to individuals sending money to recipients outside the United States through various methods like wire transfers or electronic payments, but exempts transactions where the sender uses their own bank account or can prove U.S. legal residence with valid identification. Money transmission companies must collect and remit the tax quarterly to the state, while senders receive receipts that explain how they can claim a refund or tax credit. The state tax commission will distribute the collected revenue, with amounts used for refunds going to the state refund account and the remainder funding the general fund.

This Idaho bill (H 671) creates a 60% rebate on sales taxes collected by qualifying retailers in new retail complexes. Developers must spend at least $4 million on the complex and fund approved highway improvements costing over $5 million (like interchange upgrades) to qualify. The rebate, capped at $35 million per project, is paid from a new state fund and requires developers to submit documentation to the tax commission within two years of completing eligible transportation work. It directly affects retail developers and participating retailers in qualifying projects.

This bill allows developers of qualifying retail complexes in Idaho to receive a 60% rebate on sales taxes collected by qualified retailers within their complex. To qualify, the retail complex must have $4 million in developer spending, and the rebate is tied to approved transportation improvements costing $6 million+ (for interchanges) or $10 million+ (for other highways), as verified by the Idaho Transportation Department. The state tax commission administers the rebate through a dedicated fund, with payments made within 60 days of funds becoming available. The rebate is capped at $35 million per transportation project, and developers must claim it within two years of completing the qualifying transportation work.