Idaho State Statutes - Idaho Attorney Directory

The legislature hereby
finds and declares that the Tax Reform Act of 1986 imposes an annual state
ceiling on the amount of bonds or certificates that may be issued, the
interest on which is excludable from gross income for purposes of federal
income taxation; that section 146(e)(1) of the code provides that the
legislature may enact a different formula for allocating the state ceiling
among the governmental units different from the formula contained in the code;
and that a different formula is necessary to allocate the state ceiling by the
least complicated method possible and to insure an efficient use of the state
ceiling.

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