Loading chat...
ND SB2201
Bill
Status
2/18/2025
Primary Sponsor
Mark Weber
Click for details
AI Summary
-
Expands the $500 primary residence property tax credit to include properties owned through a beneficial interest in a qualifying trust, not just direct individual ownership
-
Defines "qualifying trust" as a trust where the trustor or beneficiary has the right to occupy the property rent-free as their primary residence for life or a term of years
-
Allows taxpayers who qualify for the credit through a qualifying trust for taxable year 2024 to file an abatement claim by May 1, 2025, to receive a refund
-
Applies retroactively to the first two taxable years beginning after December 31, 2023, and expires after that period
-
Passed unanimously (Senate 47-0, House 88-0) and declared an emergency measure for immediate effect
Legislative Description
The primary residence credit; to provide for application; to provide a retroactive effective date; to provide an expiration date; and to declare an emergency.
Last Action
Filed with Secretary Of State 02/18
3/12/2025