Legislative Roundup: Tax Cuts, Pension Reform, and The Auditor's War
As the 2023 session winds down, bills will be finalized in quick order, and sneaky provisions will rear their heads.
Tax Cut Package Put Down In Writing, Approved By Conference Committee
Shortly after I wrote yesterday’s update on the tax cut bill (HB 1158) the conference committee met to review and approve the last written draft of the heavily modified bill. The total package “price tag” of the tax cut package.
While the details may yet change, with so little time left in the session it is likely they will actually settle on these terms:
Income Tax (70% of the Bill):
Income tax would be eliminated for single filers making less than $44,725 and married couples making less than $74,750.
A 1.95% tax would be applied to income between $44,725 and $225,975 for single filers and between $74,750 and $275,100 for married couples.
A 2.5% tax would be applied to any income earned beyond the second bracket’s thresholds. (North Dakota’s highest income tax rate currently is 2.9%.)
Property Tax (30% of the bill):
Starting in 2024, all homeowners would be able to claim a $500 property tax credit on their primary residen…
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