Income/Franchise:
Idaho: New Law Addresses “CARES” Act Excess Loss Limitations for Noncorporate Taxpayers
H.B. 170, signed by gov. 3/17/21. Responding to recently enacted state legislation providing that Idaho will decouple from the current version of Internal Revenue Code (IRC) section 461(l) involving excess loss limitations for taxpayers other than corporations pursuant to the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act (i.e., P.L. 116-136) and will, instead, conform to IRC section 461(l) as in effect on January 1, 2020 [see H.B. 58 (2021), and State Tax Matters, Issue 2021-8, for more details on this earlier legislation], new law seeks to “protect” Idaho taxpayers from losing excess losses subject to the limitation by allowing them to carry those excess losses forward as a net operating loss for up to 20 years. Please contact us with any questions.
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