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ND HB1446
Bill
Status
1/18/2021
Primary Sponsor
Jeffery Magrum
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AI Summary
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Creates a legacy property tax relief fund in the state treasury to receive legacy fund earnings transferred from the general fund at the end of each biennium, with all money appropriated on a continuing basis for county allocations and the state medical center fund.
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Establishes a primary residence property tax credit allowing individuals to receive a reduction equal to the taxable valuation of their primary residence, with applications filed by August 1st each year to local assessors.
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Extends the credit to estates, trusts, corporations, and passthrough entities that own residential property occupied as a primary residence by beneficiaries or ownership interest holders, with each entity limited to one property claim.
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Requires county auditors to certify eligible properties to the tax commissioner by April 1st annually, and directs the tax commissioner to certify payment amounts to the state treasurer by June 1st, with distribution to counties by June 25th.
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Sets an exemption allowing legacy fund earnings exceeding $164,370,000 during the biennium July 1, 2019 through June 30, 2021 to be transferred to the legacy property tax relief fund, effective June 1, 2021.
Legislative Description
The transfer of legacy fund earnings to a property tax relief fund and a property tax credit for property used as a primary residence; to provide a continuing appropriation; to provide for a transfer; to provide an exemption; to provide an effective date; and to declare an emergency.
Last Action
Second reading, failed to pass, yeas 24 nays 69
2/16/2021