North Dakota 2025-2026 Regular Session

North Dakota House Bill HB1435

Introduced
1/15/25  
Refer
1/15/25  

Caption

Legacy fund definitions and a legacy earnings fund; to provide an effective date; and to declare an emergency.

Impact

The legislation proposes specific financial allocations that include a significant portion directed towards supporting tax relief initiatives ratified by the legislative assembly, amounting to $225 million. Additionally, it delineates further funding for infrastructure projects via the legacy earnings highway distribution fund. By structuring the financial landscape in this manner, the bill plans to inject considerable resources into both immediate fiscal support and ongoing state obligations.

Summary

House Bill 1435 seeks to establish a legacy earnings fund within the North Dakota Century Code. This fund will be systematically funded by moneys distributed from the legacy fund, with an allocated amount determined by a percentage of the fund's average value over a five-year period. Specifically, the distribution from the legacy fund is mandated to occur on July 1 of each odd-numbered year, equating to seven percent of that average fund balance. The bill aims to streamline the allocation of these funds for various initiatives including debt service payments and general fund tax relief.

Contention

The bill lays out a new framework that aims to both repeal previous definitions related to legacy funds and carve out a clear operational outline for future earnings distributions. While proponents argue that establishing a legacy earnings fund aligns with responsible fiscal management and promotes state financial stability, there may be concerns regarding the allocation priorities and potential impacts on future funding for other essential services. The act is labeled as an emergency measure, indicating its intended prompt implementation and reflects the urgency perceived by its sponsors.

Companion Bills

No companion bills found.

Previously Filed As

ND HB1379

The legacy sinking and interest fund and the legacy earnings fund; to provide an effective date; and to declare an emergency.

ND SB2220

An allocation from the legacy earnings fund and eligible projects under the housing incentive fund; to provide an effective date; and to declare an emergency.

ND SB2330

The infrastructure revolving loan fund, the legacy and budget stabilization fund advisory board, and legacy fund definitions; and to declare an emergency.

ND HB1147

The legacy earnings fund; to provide a statement of legislative intent; to provide an appropriation; and to provide an expiration date.

ND SB2309

Determination of state school aid, information displayed on property tax statements, transfer of legacy fund earnings, and deposit of oil and gas tax revenues; and to provide an effective date.

ND HB1088

Membership of the state investment board and the legacy and budget stabilization fund advisory board; to provide an effective date; and to declare an emergency.

ND SB2015

A transfer of Bank of North Dakota profits to a water infrastructure revolving loan fund; to provide for a transfer; to provide an exemption; to provide for a legislative management study; to provide a report; to provide a penalty; to provide for application; to provide a retroactive effective date; to provide a contingent effective date; to provide an effective date; and to declare an emergency.

ND HB1014

Fuel production facility loan guarantee reserve funding, the housing incentive fund, the powers of the North Dakota pipeline authority, definitions for the clean sustainable energy authority, a clean sustainable energy authority line of credit, and an appropriation from the state fiscal recovery fund; to provide a contingent appropriation; to provide for a transfer; to provide an exemption; to provide for a study; to provide for a report; to provide a statement of legislative intent; to provide an effective date; and to declare an emergency.

ND HB1012

The flexible transportation fund, motor vehicle excise tax allocations, an appropriation for township roadway funding, and the appropriation of bond proceeds for transportation projects; to provide an exemption; to provide a report; to provide for a legislative management study; to provide an effective date; and to declare an emergency.

ND HB1018

The legacy investment for technology program, the North Dakota development fund, the workforce enhancement council, the administration of uncrewed aircraft system programs, workforce development grants to tribally controlled community colleges, and a North Dakota development fund grant program; to provide a transfer; to provide an exemption; to provide for a report; and to declare an emergency.

Similar Bills

No similar bills found.