ND HB1048

Amends section 10-33-124 of the North Dakota Century Code to clarify requirements for certified nonprofit development corporations, including secretary of state certification and investment of majority funds in primary sector businesses.

Corporations investing in certified nonprofit development corporations receive a 25% income tax credit against tax liability, capped at $2,000 per taxpayer total.

Subchapter S corporations are ineligible for the tax credit, and excess credits may be carried forward for up to seven taxable years.

Certified nonprofit development corporations must file a prescribed form with the tax commissioner within 30 days of receiving membership payments, dues, or contributions, including taxpayer identification, payment amount, and payment date.

Repeals section 57-38-01.17 of the North Dakota Century Code and makes the act effective for taxable years beginning after December 31, 2016.