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ND HB1296
Bill
Status
1/13/2015
Primary Sponsor
Kim Koppelman
Click for details
AI Summary
HB 1296 Summary
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Replaces North Dakota's progressive income tax rate schedules with a flat 2% tax rate applied to North Dakota taxable income for individuals, estates, and trusts
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Increases standard deductions/income reductions by filing status: single filers from $18,725 to $18,725, married filing jointly from $31,300 to $31,300, married filing separately from $15,650 to $15,650, head of household from $25,100 to $25,100, and estates/trusts from $1,250 to $1,250
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Maintains all existing tax adjustments, credits, and deductions currently available under North Dakota tax law, including family care credits, agricultural business investment credits, and homestead income tax credits
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Effective for taxable years beginning after December 31, 2014
Legislative Description
Individual, estate, and trust income tax rate schedule replacement with a flat-rate income tax and reduced North Dakota taxable income amount subject to the tax; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 31 nays 62
2/23/2015