ND SB2049

Amends subsection 8 of section 57-02-08 of the North Dakota Century Code to exclude certain residential rental properties from the charitable property tax exemption.

Exempts dormitories, dwellings, and residential structures owned by religious or charitable organizations recognized as tax exempt under Internal Revenue Code section 501(c)(3) and occupied by members subject to a religious vow of poverty who devote substantially all their time to the organization's activities.

Excludes residential rental units leased to tenants based on income levels that qualify the owner to receive a federal low-income housing income tax credit from the definition of property used for charitable or public purposes.

Effective for taxable years beginning after December 31, 2011.

Passed the Senate 33-13-1 and the House 90-4-0.