Tuesday, April 28, 2015

Legislators Summarize Tax Relief

(Center) Senator Dwight Cook, (Left) Rep. Mark Owens, Tax Commissioner Ryan Rauschenberger, Sen. Jessica Unruh, Rep. Craig Headland
North Dakota Governor Jack Dalrymple and State lawmakers highlighted the broad tax relief and reform during a press conference Tuesday. The numerous bills together amounted in nearly $400 million in additional tax relief for North Dakotan's. In addition, several bills addressed tax reform including the Governor's Property Tax Reform plan which examined every levy in state code. Since 2009, the state has reduced property and income taxes by more than $4.2 billion dollars. Here is a summary of the tax reduction plans:

The state’s 2015-2017 tax relief package consists of:
  • $250 million in property tax reductions to be provided through a state-paid tax credit during the 2015-2017 biennium. With the continuation of this program, all North Dakota property owners will again receive a 12 percent reduction in property taxes.
  • $123 million in individual and corporate income tax relief.
  • $23 million in permanent property tax relief provided through a transfer of some social service costs from counties to the state.
  • An expansion of the Homestead Tax Credit program for seniors who live on a fixed income. The Legislature appropriated an additional $1.2 million to support increased eligibility for property tax reductions during the second year of the 2015-2017 biennium.  The program will save qualifying North Dakota taxpayers about $21 million during the biennium. 

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