ND SB2360

Increases the required percentage of income from farming activities from 50 percent to 56 percent for farmers to qualify for the farm residence property tax exemption in North Dakota.

Reduces the lookback period for determining farming income from three preceding calendar years to two preceding calendar years.

Changes the definition of "net gross income from farming activities" to use gross income rather than taxable income, with specific adjustments for capital gains, interest expenses, and depreciation.

Maintains exemption eligibility for retired farmers, beginning farmers, and surviving spouses of farmers, with surviving spouses' exemptions expiring at the end of the fifth taxable year after the farmer's death.

Becomes effective for taxable events beginning after December 31, 2019, with Senate passage of 34-11 and House passage of 74-18.