Governor Burgum plugged his plan to use money from North Dakota’s general fund ending balance for an income tax credit during a joint address to the House and Senate this morning (Monday). The governor wants a $500 dollar income tax credit for taxpayers in 2021 and 2022.
Burgum told lawmakers with the second largest fund balance there’s no reason not to provide meaningful tax relief to an estimated 350,000 North Dakotans who worked hard to keep the economy strong through the pandemic.
Burgum also urged lawmakers to invest the so-called AARP dollars strategically. According to the governor by investing now “We can diversify the economy, we can enhance government services, and we can avoid inflation, be competitive and create long-term cost savings for citizens – all without raising taxes.”
Most of the investments are proposed from the state’s ARPA funds. North Dakota received just over $1 billion in ARPA State Fiscal Recovery funds and $113 million in ARPA Coronavirus Capital Projects funds, for a total of $1.12 billion in ARPA funds designated for distribution by the state. About $423 million of that amount already has been appropriated by the Legislature last spring for transportation infrastructure and capital projects.
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