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May 1, 2023
Taxes for Small Business Reduced, Costly Medical Mandates Fail
2023 North Dakota Legislative Session A Big Win
- Income tax will be eliminated for single filers making less than $44,725 and married couples making less than $74,750. A 1.95% tax would apply to income between $44,725 – $225,975 for single filers and $74,750 – $275,100 for married couples. A 2.5% tax would be applied to income above those thresholds.
- $157 million in relief for property tax credits for homeowners. For the 2024 tax year, a $500 property tax credit will be available to homeowners on their primary residence.
- The remainder of the tax relief is focused on the homestead tax credit. The increased tax credit will provide assistance for homeowners 65 and older who have income below $70,000.
- $22 million to expand the existing childcare aid program for families with an income below $80,000 per year for a family of four.
- $15 million to incentivize existing daycares to take on more infants and toddlers.
- $15 million for training of childcare workers and to incentivize daycares to start up new businesses and take on new clients.
- $5 million to match private employers’ contributions for their employee’s day care costs.
- This bill allows minors 16 and older to work in a hazardous occupation if the minor is in a registered apprenticeship program or is a student learner of an approved career and technical education program. The bill also includes a study on the benefits of creating a state office of apprenticeship.
- This bill includes a legislative study of the cost to North Dakota retailers for the collection, remittance, and filing of North Dakota sales and use tax.
State:
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