ND House Approves State Income Tax CutsNorth Dakota's House has approved proposals to reduce the state's income taxes on individuals and corporations.
By: Associated Press,
BISMARCK, N.D. (AP) — North Dakota's House has approved proposals to reduce the state's income taxes on individuals and corporations.
Both measures were endorsed by large margins Tuesday. They seek to reduce individual income taxes by about 15 percent across the board.
The individual income tax cut would save North Dakota taxpayers almost $100 million over two years.
The corporate tax cut would set up a single 4.9 percent tax rate, and exempt the first $75,000 of corporate earnings from state taxes. It would provide a $50 million benefit to corporate taxpayers.
Both bills now go to the North Dakota Senate for additional work.
The package is more generous than the $50 million individual income tax cut included in Gov. Jack Dalrymple's suggested budget. The governor did not suggest a corporate tax cut.