(1) The designations referred to in section 63-3067A, Idaho Code, shall expire and no longer appear on the income tax return form when: For each of two (2) consecutive calendar years, the amount received by the state tax commission that is designated for a particular trust fund named in section 63-3067A, Idaho Code, fails to equal or exceed twenty thousand dollars ($20,000); and
(2) After one (1) year when collections fail to equal or exceed twenty thousand dollars ($20,000), the state tax commission has notified the appropriate agency that: The amount received by the state tax commission that is designated for that particular trust fund failed to equal or exceed twenty thousand dollars ($20,000); and
(3) The amount received by the state tax commission that is designated for the particular trust fund in the next subsequent year fails to equal or exceed twenty thousand dollars ($20,000).
(4) As used in this section, “appropriate agency” means the agency of the state of Idaho that is responsible for administering the programs benefiting from the fund to which amounts designated under section 63-3067A, Idaho Code, are distributed. If no agency of the state of Idaho has such responsibility, the term means such other private or public entity that is the principal beneficiary of the funds.
(5) The state tax commission shall report annually to the house revenue and taxation committee on the trust funds that have failed to meet the necessary monetary threshold for collections for the prior two (2) years.