ND HB1530

Creates the legacy income tax rate reduction fund in the state treasury to receive transfers from legacy fund earnings and distribute funds to reduce individual and corporate income tax rates.

Requires the tax commissioner to publish reduced income tax rates by November 1st of the first fiscal year of each biennium based on a formula using legacy fund earnings deposited into the fund.

Mandates that 50% of legacy fund earnings transferred to the general fund at the end of each biennium be immediately transferred to the income tax rate reduction fund, with a minimum threshold of $50 million.

Repeals chapter 57-38 of the North Dakota Century Code (the income tax chapter) only if individual and corporate income tax rates are reduced to zero under this bill's provisions.

Provides an exemption requiring legacy fund earnings exceeding $300 million from the 2017-19 biennium to be transferred to the income tax rate reduction fund, with sections 1, 2, and 4 effective June 1, 2019.