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ND HB1033
Bill
Status
Vetoed
4/16/2015
Primary Sponsor
Legislative Management
Click for details
AI Summary
- Defines "earnings" as net income under generally accepted accounting principles, excluding unrealized gains or losses.
- Defines "principal" as 30 percent of oil and gas tax revenue deposited in the legacy fund, plus earnings accruing before July 1, 2017, plus any funds transferred by the legislature into the fund.
- Requires the Office of Management and Budget director to determine by December 1 of each even-numbered year the amount equal to 15 percent of the legacy fund principal balance available for expenditure during a biennium.
- Requires any legacy fund earnings transferred to the general fund to be immediately returned by the state treasurer to the legacy fund as part of principal, with the intent that earnings continue accumulating until oil and gas tax collections decrease 25 percent or earnings exceed 33 percent of oil and gas tax collections in a biennium.
- Repeals the previous definition of legacy fund earnings in section 21-10-12 of the North Dakota Century Code.
Legislative Description
A definition of legacy fund earnings.
Last Action
Laid on table
4/28/2015
Committee Referrals
Appropriations1/6/2015
Full Bill Text
No bill text available