ND House advances three bills to lower income taxes
BISMARCK, N.D. (KFYR) - You very well could be paying less in income taxes at this time next year.
The North Dakota House of Representatives advanced three bills Tuesday aimed at lowering income taxes. One of them was House Bill 1158, which would eliminate state income tax for the lowest 60% of earners and implement a 1.5% flat tax rate for everyone else. That would be the lowest in the United States.
“Quite simply, it’s good policy. One that provides the most direct impact to the greatest number of North Dakota’s citizens. The fiscal note on this bill shows it would provide $566 million of impact,” said Jared Hagert, R-Emerado.
House Bill 1158 would cost the state $566 million per biennium. Another bill that passed, House Bill 1118, would impose a flat tax rate of 1.99% for everyone and would provide an individual income tax credit for anyone living in North Dakota. A third bill would set the state on a track to 0% income tax. All three bills head to the Senate.
Previous Coverage: ND Legislature debates income tax reform; some argue why not property tax?
Copyright 2023 KFYR. All rights reserved.