ND
North Dakota Senate Bill SB2357

North Dakota 2023-2024 Regular Session

North Dakota Senate Bill SB2357

Introduced
1/23/23  
Refer
1/23/23  

Caption

A primary residence income tax credit; and to provide an effective date.

Impact

The implementation of SB2357 is expected to make a significant impact on state laws regarding property tax relief. By specifically defining a 'primary residence' and detailing the parameters under which the tax credit applies, the bill seeks to provide clarity to both taxpayers and tax authorities. The refundable nature of the credit means that even individuals with no tax liability can benefit, potentially increasing the number of residents who receive direct financial support. This could aid in addressing cost-of-living issues for residents in North Dakota, especially in higher tax brackets.

Summary

Senate Bill 2357 introduces a refundable income tax credit for homeowners in North Dakota. Under this bill, individuals who own and occupy a primary residence will be eligible for a credit of ten percent of the property taxes or mobile home taxes that were due and paid during the taxable year. The maximum credit available will not exceed one thousand dollars, providing financial relief to those who meet the criteria by reducing their overall tax burden. This move aims to improve affordability for homeowners and stimulate local economic activity through increased disposable income.

Contention

While the bill has been generally well-received, the discussions surrounding it have revealed some points of contention. Critics may argue that such tax credits inherently reduce state revenue, potentially impacting funding for essential services and public infrastructure. Additionally, there may be concerns about the criteria for determining ownership and residency, as some may worry about the implications for taxpayer eligibility. The bill does allow for additional regulations to be established by the tax commissioner, which could address these issues, yet may also lead to further bureaucratic complications.

Companion Bills

No companion bills found.

Previously Filed As

ND SB2237

A child care income tax credit; and to provide an effective date.

ND SB2066

The imposition of a flat income tax rate for individuals, estates, and trusts; to provide an effective date; and to provide an expiration date.

ND HB1586

The primary residence credit, setoff of income tax refunds for payment of delinquent real property and special assessment taxes, and eliminating foreclosure of tax liens for primary residential property; to provide an effective date; to provide an expiration date; and to declare an emergency.

ND HB1575

Legacy fund definitions, the legacy earnings fund, and the primary residence credit; to provide an appropriation; to provide for a transfer; to provide an effective date; and to provide an expiration date.

ND HB1383

The provision of an income tax credit for qualified compensation paid to an apprentice; and to provide an effective date.

ND HB1118

The marriage penalty credit; and to provide an effective date.

ND HB1504

An income tax credit for qualified brewers for barley purchases; to provide an effective date; and to provide an expiration date.

ND SB2282

An income tax credit for child care contributions provided by qualified employers; and to provide an effective date.

ND HB1158

The homestead tax credit and income tax rates for individuals, estates, and trusts; to provide for a legislative management study; to provide for a legislative management report; to provide an appropriation; to provide an effective date; and to provide an expiration date.

ND HB1560

A primary residence long-term homeowner property valuation reduction; and to provide an effective date.

Similar Bills

No similar bills found.