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ND HB1105
Bill
Status
1/30/2013
Primary Sponsor
Craig Headland
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AI Summary
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Amends North Dakota Century Code section 57-38-30.3(2)(d) regarding the state income tax treatment of long-term capital gains and qualified dividends.
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Reduces the state income tax exclusion for net long-term capital gains by thirty percent of the excess of long-term capital gains over short-term capital losses, as calculated under federal Internal Revenue Code.
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Provides a thirty percent reduction for qualified dividends taxed at preferential federal rates under Internal Revenue Code section 1(h)(11), but limits the reduction to twenty percent of all dividends if qualified dividends are taxed at regular federal income tax rates.
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Restricts both adjustments to income allocated to North Dakota.
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Effective for taxable years beginning after December 31, 2012.
Legislative Description
The expiration of federal income tax treatment of the long-term capital gain and qualified dividend income tax exclusion; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 0 nays 44
4/11/2013