ND HB1275

Creates an individual income tax deduction for North Dakota residents age 65 or older whose primary residence is located in the state, with the deduction phasing out as taxable income increases.

Single filers, heads of household, and married individuals filing separately receive a $50,000 deduction, reduced by $1 for each $1 of taxable income exceeding $50,000.

Married couples or surviving spouses filing jointly receive a $50,000 deduction if only one spouse is age 65 or older, reduced by $1 for each $1 of income exceeding $50,000, or a $100,000 deduction if both spouses are age 65 or older, reduced by $1 for each $1 of income exceeding $100,000.

Primary residence may include rental accommodations or mobile homes.

The deduction is effective for taxable years beginning after December 31, 2014.