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ND HB1124
Bill
AI Summary
HB 1124 Summary
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Creates individual income tax credit for geothermal energy device installation costs of 3% per year for five years for devices installed between December 31, 2008 and January 1, 2015 in North Dakota.
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Modifies tuition scholarship tax credit to limit it to 50% of contributions with maximum of 5.7% of tax before credits or $2,500, whichever is less.
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Changes marriage penalty credit calculation to use "qualified income" instead of "earned income" and removes requirement for tax commissioner to prepare earnings brackets table.
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Modifies lottery withholding from fixed 5.54% rate to highest marginal tax rate under section 57-38-30.3 on winnings exceeding $5,000.
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Requires corporations electing water's edge method to file domestic disclosure spreadsheet initially, then only every third year while election remains in effect.
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Effective for taxable years beginning after December 31, 2010.
Legislative Description
The tuition scholarship tax credit for financial institution tax purposes, the tax credit for planned gifts and qualified endowments, the marriage penalty tax credit, the employer tax credit for mobilized employees, the long-term care partnership plan insurance coverage tax credit, the qualified dividend and long-term capital gain income tax exclusion, return filing requirements for individuals, withholding on lottery winnings, and the use of the domestic disclosure spreadsheet for the water's edge method election for reporting income; and to provide an effective date.
Last Action
Filed with Secretary Of State 04/27
4/28/2011