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ND HCR3055
Concurrent Resolution
Status
3/8/2019
Primary Sponsor
Corey Mock
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AI Summary
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Directs Legislative Management to study potential uses of North Dakota's legacy fund earnings, including tax relief, reinvestment, research and technological advancement, economic diversification, and workforce development initiatives.
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Establishes an interim committee to conduct the study, consisting of House and Senate Majority and Minority Leaders, Chairmen of Finance and Taxation Committees, Chairmen of Appropriations Committees, two members of the Legacy and Budget Stabilization Fund Advisory Board, and the Legislative Management Chairman.
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Requires Legislative Management to report findings, recommendations, and any necessary implementing legislation to the Sixty-seventh Legislative Assembly.
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Emphasizes that the legacy fund was created to offset eventual decline in oil and gas tax revenues and that a balanced approach to spending fund earnings could promote long-term economic growth and principal expansion.
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Notes that public engagement in discussing legacy fund usage policies is important, as the fund was created through public vote.
Legislative Description
A concurrent resolution directing the Legislative Management to consider studying the potential uses of legacy fund earnings, including the use of earnings to provide tax relief, provide for reinvestment of legacy fund earnings, fund research and technological advancements, promote economic growth and diversification, and promote workforce development and career and technical education.
Last Action
Second reading, failed to adopt yeas 5 nays 42
4/25/2019