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Dalrymple signs $250 million in income tax relief - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Dalrymple signs $250 million in income tax relief

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Governor Jack Dalrymple applauded the $250 million in income tax relief he signed into law as important legislation that directly benefits North Dakotans who have worked hard to help create our vibrant economy.

"North Dakota's strong economy did not happen overnight. The people and businesses of our state have been working hard for many years to innovate, to build and to create opportunities," Gov. Dalrymple said. "At the same time, the state has worked hard to position itself as a friendly business environment, where hard-working individuals can thrive. This $250 million in income tax relief helps continue those efforts, creating an even brighter future for North Dakota."

Dalrymple highlighted the tax relief in Senate Bill 2156 while speaking at the Fargo-Moorhead West Fargo Chamber's legislative wrap up event in Fargo Tuesday.

Senate Bill 2156 overwhelmingly passed both the House and the Senate providing $200 million in personal income tax relief and $50 million in corporate tax relief. This represents a 20 percent and 12 percent tax cut, respectively. Combined, these reductions in income tax send unprecedented relief directly back to taxpayers.

The total tax relief package passed in the 2013-15 legislative session, including income, property and homestead tax relief, reached more than $1.1 billion.

Property tax relief totaled $850 million this legislative session, including $656 million provided through a new K-12 school funding formula that shifts the largest share of education costs from school districts to the state.

The homestead tax credit, which applies to senior citizens who live on fixed incomes, was more than doubled from $8.8 million to $20 million. The Legislature raised the maximum income limit and the maximum asset limit, including the value of taxpayers' homes, making more North Dakotans eligible for this property tax reduction.

Dalrymple also signed into law an expansion of the homestead tax credit for disabled veterans.  The change expands the tax credit program for disabled veterans from $4.2 million to $7.7 million, an 83 percent increase.

Since 2009, Dalrymple has worked with legislators to reduce taxes by nearly $2.4 billion.

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