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Can you summarize IDAPA 35.01.01.571-579?
Income Tax Administrative Rules > (RESERVED)
Short Summary
This document, part of the Idaho Administrative Code, provides special rules for the apportionment of income for specific industries and financial institutions in Idaho. The special industries covered include construction contractors, airlines, railroads, trucking companies, television and radio broadcasting companies, and publishing companies. Each industry has specific regulations and methods for apportioning income, as outlined in the Multistate Tax Compact (MTC) special industry regulations. Financial institutions are also subject to special rules, which incorporate the MTC Recommended Formula for the Apportionment and Allocation of Net Income of Financial Institutions. The document references various sections of the Idaho Code and provides definitions for terms used. It also explains the default apportionment method in Idaho, which is the sales factor only, but allows taxpayers subject to special industry regulations to elect to use the property, payroll, and sales factors if applicable. Overall, this document provides guidance on how income should be apportioned for specific industries and financial institutions in Idaho.
Whom does it apply to?
Long-term construction contractors, airlines, railroads, trucking companies, television and radio broadcasting companies, publishing companies, and financial institutions in Idaho
What does it govern?
Special rules for apportioning income for special industries and financial institutions in Idaho
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Idaho