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ND HB1133
Bill
Status
4/10/2015
Primary Sponsor
Finance and Taxation Committee
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AI Summary
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Establishes $5 minimum threshold for tax refunds and tax assessments/collections; amounts below this minimum are transferred to state treasury rather than refunded to taxpayers.
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Authorizes tax commissioner to offset future tax distributions to cities and counties if previous overpayments occurred, with offset amounts and time periods determined after consulting local political subdivisions.
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Clarifies tax credit eligibility requirements by expanding definition of entities subject to tax lien clearance from corporations and limited liability companies to all pass-through entities, and applies requirements to officers, governors, managers, and general partners.
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Modifies corporate estimated tax payment requirements to base calculations on withholding plus either 90% of current year tax liability or 100% of prior year tax liability, rather than using flat percentages.
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Establishes energy equivalency for special fuels tax purposes: 120 cubic feet of compressed natural gas and 1.7 gallons of liquefied natural gas equal one gallon of other special fuel; creates motor vehicle excise tax exemption for damaged vehicles transferred to insurance companies.
Legislative Description
Authority of the tax commissioner to adopt rules, the tax lien of record clearance requirement for the new and expanding business income tax exemption, offsets of restaurant, restaurant and lodging, and city motor vehicle rental taxes from future distributions, removal of obsolete language from provisions relating to the valuation and assessment of agricultural lands, estimated income tax requirements for corporations, articles taxed in other states or political subdivisions of other states, and establishing energy per volume equivalent of liquefied natural gas for special fuels tax purposes; and to provide an effective date.
Last Action
Signed by Governor 04/09
4/10/2015