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ND HB1070

Bill

Official Source

Status

Engrossed

2/19/2015

Primary Sponsor

Finance and Taxation Committee

Click for details

Origin

House of Representatives

64th Legislative Assembly

AI Summary

  • Amends North Dakota Century Code section 57-02-08, subdivision f of subsection 43 to modify the definition of "affordable housing" for property tax exemption purposes
  • Clarifies that affordable housing must be residential rental property owned by or with controlling ownership or management interest by a qualified nonprofit entity as defined in Internal Revenue Code section 501(c)(3)
  • Requires affordable housing to be eligible for or receiving assistance through local, state, or federal affordable housing programs with rent and household income restrictions in place
  • Replaces previous language referencing organizations "organized and operated exclusively for exempt purposes" with specific reference to 501(c)(3) qualified nonprofit entities

Legislative Description

The property tax exemption for affordable housing.

Last Action

Second reading, failed to pass, yeas 17 nays 29

4/16/2015

Committee Referrals

Finance and Taxation1/6/2015

Full Bill Text

No bill text available