ND HB1152

Establishes a 75% income tax credit for individuals, estates, trusts, and corporations that donate $25,000 or more annually to a Bakken region scholarship fund at a nonprofit private higher education institution in North Dakota.

Scholarship fund recipients must be enrolled students pursuing bachelor's degrees in health, education, or business who commit to completing their degree and working full-time (at least 35 hours per week) in an oil-producing county in North Dakota for at least 12 months or six months times the number of years' scholarships received, whichever is longer.

Students who fail to honor their employment commitment must repay the scholarship amount within 10 years with interest calculated at the current ten-year treasury bond rate plus 200 basis points, with repayments returned to the scholarship fund.

Tax credit cannot exceed the taxpayer's income tax liability, and unused credits may be carried forward for up to three taxable years; the cumulative total of all credits allowed is capped at $25 million.

Act is effective for the first two taxable years beginning after December 31, 2014, and thereafter expires.