North Dakota is providing more than half a billion dollars in tax relief to citizens while also cutting red tape and making historic investments in workforce, child care, infrastructure and other key priorities, Gov. Doug Burgum said today after the 68th Legislative Assembly adjourned its regular session sine die.
“This session, major achievements were accomplished – resolving many longstanding, seemingly intractable issues – that will now help North Dakota reach our fullest potential,” Burgum said. “From major investments in child care, education, workforce and infrastructure to cutting mountains of red tape, to pension reform, strong support for law enforcement and our active military and veterans, strengthening tribal engagement, and growing animal agriculture and value-added energy – each of these important areas saw tremendous progress.
“With these and other challenges being met head-on, and a historic $515 million income and property tax relief package that will allow North Dakota residents to keep more of their hard-earned money, our state is well-positioned to grow our economy, strengthen our communities and create a brighter future for all,” Burgum continued. “We’re grateful for the incredible work and collaboration by our Team ND members who serve citizens across North Dakota every single day, and to the members of the 68th Legislative Assembly whose hard work and passion this session supports what we strive to do in state government, which is empower people, improve lives and inspire success.”
The landmark tax relief package will provide $358 million in individual income tax relief by zeroing out the state’s bottom tax bracket and combining the top four brackets into two brackets with reduced tax rates of 1.95% or 2.5%. The remaining $157 million in the package will be available to homeowners by claiming a $500 property tax credit on their primary residence and through expanded eligibility in the state’s Homestead Property Tax Credit program for homeowners ages 65 and older.
“North Dakota can now claim the lowest income tax rates in the nation among states that have individual income tax, helping us to recruit and retain workers to address our workforce challenges,” Burgum said. “We’re grateful to our legislative partners whose thoughtful work allows North Dakotans to save more than half a billion dollars over the next two years and moves us further down the path toward becoming a zero-income tax state.”
Source: nd.gov
Photo Credit: pexels-nataliya-vaitkevich
Categories: North Dakota, Government & Policy