The North Dakota Senate has followed the House lead in passing a tax relief bill.
Under it, income tax brackets are reduced from 5 to 3, and the lowest tax bracket would pay no income tax. It also provides a $500 property tax credit – that a property owner would have to apply for – as well as increased benefits under the Homestead Credit law.
Senator Jordan Kannianen says the conference committee met 13 times in crafting the legislation and the end result was a good bill.
Senator Tim Mathern says he’s concerned the bill makes the state more reliant on oil revenues. The measure caries a fiscal impact of $515 million dollars.
The bill passed 84 to 6 – The Senate passed it 45 to 2. It now moves on to the governor for his signature.
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