Dalrymple Signs $500 Million Tax Cut BillGovernor Jack Dalrymple today signed into law House Bill 1047, legislation that provides nearly $500 million in property tax relief and income tax relief during the 2011-2013 biennium.
BISMARCK - Governor Jack Dalrymple today signed into law House Bill 1047, legislation that provides nearly $500 million in property tax relief and income tax relief during the 2011-2013 biennium.
“With our state economy strong and growing stronger, it’s important that the people of North Dakota see a substantial share of our economic gains reflected in their tax bills,” Dalrymple said. “Providing tax relief was a priority we shared early on with the Legislative Assembly and it should always be a priority as part of our strategy for economic growth.”
Dalrymple signed the tax relief legislation during a ceremony at the state Capitol where he was joined by House Majority Leader Al Carlson, Senate Majority Leader Bob Stenehjem, Sen. Dwight Cook, Rep. Wes Belter, other legislators, North Dakota Tax Commissioner Cory Fong, North Dakota Chamber of Commerce President Andy Peterson and business leaders.
“Returning money to the hands of the taxpayers has been our goal since the beginning of the session,” House Majority Leader Al Carlson said. “This package will positively affect many North Dakotans.”
The tax relief package provides $342 million in property tax relief for homeowners, farmers, ranchers and commercial businesses by reducing the average state levy by 75 mills. The property tax plan continues the state’s 70 percent funding commitment to school districts. The owner of a $150,000 home will realize a property tax reduction of about $506 a year. The average property tax savings will range from 15 percent to 19 percent.