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ND SB2068
Bill
Status
1/20/2015
Primary Sponsor
Finance and Taxation Committee
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AI Summary
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Amends deed filing requirements to allow grantees to certify full consideration paid for property either to the county recorder directly, to the state board of equalization, or by stating the amount on the deed itself, rather than requiring state board filing.
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Simplifies recorder procedures by requiring only one statement of full consideration instead of multiple options, and allows recorders to accumulate and monthly forward consideration information to the state board of equalization.
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Modifies tax lien clearance requirements for new and expanding business income tax exemptions to apply to "passthrough entities" as defined in section 57-38-01 instead of just corporations and limited liability companies, and clarifies that officers, governors, managers, and general partners must satisfy all state and local tax obligations.
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Removes obsolete minimum capitalization rate floors (8% for 2009, 7.7% for 2010, and 7.4% for 2011) from agricultural land valuation provisions under section 57-02-27.2.
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Makes Section 2 (tax lien clearance changes) effective for applications filed after June 30, 2015.
Legislative Description
Providing statements of full consideration, the tax lien of record clearance requirement for new and expanding business income tax exemptions, and removal of obsolete language from provisions relating to valuation and assessment of agricultural lands; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 36 nays 50
3/4/2015