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ND SB2069
Bill
Status
3/20/2015
Primary Sponsor
Finance and Taxation Committee
Click for details
AI Summary
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Amends North Dakota Century Code section 57-38-59.4 to modify withholding requirements for oil and gas royalty payments made to nonresident individuals and business entities without commercial domicile in the state.
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Changes withholding calculation from the gross amount to the net amount of royalty payments.
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Withholds at the highest marginal tax rate provided in sections 57-38-30 and 57-38-30.3 minus three-fourths of one percent.
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Applies existing filing and payment procedures under sections 57-38-59 and 57-38-60 to withholding under this provision.
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Effective for taxable years beginning after December 31, 2015.
Legislative Description
The tax base and rate of withholding for recipients of oil and gas royalty payments; and to provide an effective date.
Last Action
Signed by Governor 03/19
3/20/2015