Idaho Constitution Article VII - Finance and Revenue
Idaho Constitution – Article VII: Finance and Revenue – Summary
Article VII of the Idaho Constitution outlines the financial and revenue-related provisions of the state government. Here's a summary of its key sections:
1. Revenue to be Used Only for Public Purposes
Public funds can only be used for public purposes, not for private interests.
2. Taxation to Be Uniform
Taxes must be uniform upon the same class of subjects within the same jurisdiction.
Property must be assessed for taxation at the same standard of value.
3. Exemptions from Taxation
Certain properties may be exempt, including:
Government property
Religious buildings
Educational institutions
Cemeteries
Charitable organizations
4. Prohibition on State Incurring Debt
The state may not incur debts exceeding $2 million, except in emergencies (e.g., war, natural disaster).
5. State to Pay Its Debts
The state is obligated to pay its debts and cannot repudiate them.
6. County and Municipal Debt Limitations
Local governments also face restrictions on borrowing beyond a percentage of assessed property value unless approved by voters.
7. Creation and Management of State Funds
Establishes permanent funds like:
Public school fund
Permanent building fund
Other state institutional funds
These must be securely invested, and only the income may be used (principal preserved).
8. Annual Budget Requirement
The governor must submit an annual budget to the legislature.
Expenditures must not exceed revenue.
9. State Board of Equalization
The state may establish a board to ensure uniform property valuation across counties.
RELATED Blog
0 comments