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ND HB1148
Bill
Status
Introduced
1/5/2011
Primary Sponsor
Rae Kelsch
Click for details
AI Summary
- Amends section 40-63-07 of the North Dakota Century Code to modify renaissance fund investment credit limits and holding periods for smaller cities
- Increases the allowable percentage of investments outside renaissance zones from 50 percent to 80 percent for organizations in cities with populations under 30,000
- Reduces the mandatory holding period for renaissance fund investments from 10 years to 5 years for organizations in cities with populations fewer than 30,000 before redemption triggers credit disallowance
- Requires investors who redeem investments before the applicable holding period to repay previously claimed credits to the tax commissioner
Legislative Description
Renaissance fund organization restrictions for smaller cities.
Last Action
Second reading, failed to pass, yeas 9 nays 85
2/3/2011
Committee Referrals
Finance and Taxation1/5/2011
Full Bill Text
No bill text available