Senate Leader: Hybrid Of Flat Tax And Property Tax Buy-Downs Likely
Also, Senate kills bill to give local governments more control in reforming their own special assessment policies, making it harder for Bismarck and other local governments to find solutions locally.
In the video above, we get an update from Senate Majority Leader David Hogue outlining what he believes will be the tax reform/relief plan to come out of the 2023 session.
In summary, Senator Hogue says:
On income tax, it will be a scaled-down flat tax plan where the first bracket is eliminated, with the income in that bracket exempted and income beyond that level taxed at a flat 2% rate. This will result in the first $40,000 income exempt and a 2% rate after that. This is less than in Governor Burgum’s original plan and very close to the 2014 Democratic plan (which I wrote for the Democrat).
This approach is certainly still a significant improvement to North Dakota’s income tax climate, and should be supported.
Hogue did not mention whether the Senate will support the “pathway to zero” income tax.
On property taxes, Hogue says the plan is to “beef up” the Homestead Tax credit that allows for senior citizens to get a break on their property tax, and also to continue the practice of sp…
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