ND SB2325

Repeals chapter 57-35.3 (North Dakota financial institutions tax) effective for taxable years beginning after December 31, 2012.

Allows subchapter S corporations previously taxed as financial institutions to elect transition to corporate income tax treatment under chapter 57-38, with unused credit carryovers and net operating losses carried forward under prior law.

Reduces electricity distribution company tax rate from $1.00 to $1.80 per megawatt-hour for retail electricity sales.

Increases angel fund investment tax credit from 45% to up to 45% with lifetime aggregate limit of $150,000, and restricts eligible investments to exclude real estate and real estate holding companies.

Increases state aid distribution fund allocation from 40% to 43.5% of designated tax collections for counties and cities.