Gov. Burgum signs $500 million tax relief bill
BISMARCK, N.D. (KVRR) — North Dakota Governor Doug Burgum signs a bill into law providing more than $500 million in savings for state and property taxpayers over the next two years.
The bill compresses five income tax brackets down to three.
Taxes on the lowest bracket would be eliminated.
That includes single filers under $45,000 a year and married couples making under $75,000.
For property taxes, homeowners would be able to claim a $500 credit on their primary home beginning in 2024.
It also expands the homestead property tax credit.
“Grateful to everyone who worked on this historic package. We know we’re not quitting here. We’re going to keep moving forward. We know we can leave here today after signing this that this will benefit everybody in North Dakota who owns a home, everybody in North Dakota who files a W-2 form is going to benefit from this legislation. It’s not often that we can pass legislation that touches that many people,” Burgum said.
Republican Representative Larry Bellew of Minot was against the bill because of how much money is being taken from the state’s surplus.