ND SB2059

Department administers technology impact zone program providing state sales and use tax reimbursements equal to authorized zone award amounts for regional technology-based economic development efforts.

Applicants must be one or more cities or counties working together, with zone boundaries encompassing applicant jurisdictions, and must establish matching funds equal to the state award amount.

Zone awards limited to three million dollars lifetime cap per applicant, with no more than four applicants awarded during 2013-15 biennium and eight applicants total statewide.

Tax commissioner certifies sales and use tax revenue generated by zone cities and counties semiannually (last six months by February 29 and first six months by August 31) with state treasurer distributing funds by March 31 and September 30 respectively.

Act effective for taxable events beginning after June 30, 2011, through June 30, 2023, with standing and continuing appropriation from general fund moneys for distributions.