Week 8 of the 2025 Legislative Session

Dear Readers,

We just began the 8th week of the legislature! Below are some of the recent legislation we’ve seen as well a federal update.
                                                         Local Issues:
Launch remains one of the Chamber’s biggest priorities. The Idaho Senate recently approved funding for the program and now it will head to the House. We are very grateful for their leadership and the work that continues to be done to move this program forward.  We highly recommend reaching out to your legislators to show your support for this program. If you’re not sure who your legislators are, here is the link to find out! 

House Bill 93 - This is the Idaho Parental Choice Tax Credit bill. It passed both the house and senate and was delivered to the Governor on February 21st. The Governor has 5 days upon receiving legislation to make a decision.

House Bill 74 has been reprinted as House Bill 304. This property tax relief bill aims to offer ongoing tax relief as well as ongoing funding for school facilities.

​Earlier this month, the Idaho Chamber Allliance hosted their annual Chamber Day conference. We hosted it at the Lincoln Auditorium in the Capitol and discussed an array of topics that impact businesses and local chambers. Pictured is the Idaho Chamber Alliance Executive Team with Governor Brad Little and Lt. Governor Scott Bedke.                                                                                                                                                                      Federal Issues:
I recently posted about the Corporate Transparency Act (CTA) being on hold however as of February 19th, 2025, BOI reporting requirements under the CTA are back in effect. The updated deadline is now March 21st, 2025, with a possibility of modifications. To learn more about how to report, you can visit the FinCEN website here.  Below is a recent email from the U.S. Chamber of Commerce, sharing more information and the work they're doing for small businesses regarding BOI reporting: 

"The Corporate Transparency Act's (CTA) beneficial ownership reporting requirements are back on.

• What happened: A federal court has lifted the injunction that stopped the Treasury Department's Financial Crimes Enforcement Network (FinCEN) from enforcing Beneficial Ownership Information (BOI) reporting requirements under the CTA.
• Why it matters: After numerous delays from pending legal challenges, certain small businesses now have to file their paperwork starting as early as March, according to an update FinCEN shared:

For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.

• What we’re doing: Earlier this month, the House of Representatives passed a one-year delay for small businesses from having to report their beneficial ownership information under the CTA. We are working to get this much-needed small business relief passed by the U.S. Senate."

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Thank you for reading. As always, if you have any questions or would like to discuss anything further, please don't hesitate to reach out! 

Stay well,

Tori 
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