By Doug Barrett
Apr 21, 2021 8:17 AM
The North Dakota House has passed a bill that could lead to reductions in state income taxes. But there are a number of bridges to cross before that happens.
One – the state’s Budget Stabilization Fund would have to reach its limit, which is an amount equal to about 15 percent of the state’s general fund budget. Two, the carry-over, or ending fund balance, would have to be at least $65 million. Then the income tax would be reduced by up to $150 million.
Republican Representative Craig Headland chairs the House Finance and Taxation Committee. He says previous attempts to pass an income tax reduction have stalled because of opposition in the Senate. Headland says this bill is designed to have something in law that would allow future income tax reductions if there are future budget surpluses.
(Bismarck, ND) North Dakota lawmakers are considering joint bills to legalize recreational marijuana and tax it. Representative Jason Dockter introduced a bill in the House Human Services Committee yesterday that would legalize but restrict recreational marijuana. Representative Craig Headland introduced a bill at the same time to the House Finance and Taxation Committee that would set a tax policy for recreational marijuana. The two lawmakers say they oppose legalization but believe it will happen and should be done in a controlled way.