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Bill > HB1168

ND HB1168

ND HB1168
Evaluation of economic development tax incentives; and to provide an effective date.

summary

Introduced
01/03/2023
In Committee
04/05/2023
Crossed Over
02/15/2023
Passed
04/27/2023
Dead
Signed/Enacted/Adopted
05/18/2023

Introduced Session

68th Legislative Assembly

Bill Summary

AN ACT to create and enact a new section to chapter 57-38 and a new subdivision to subsection 7 of section 57-38-30.3 of the North Dakota Century Code, relating to the provision of an income tax credit for purchases of manufacturing and animal agricultural machinery and equipment to automate a manufacturing or animal agricultural process; to amend and reenact subdivision j of subsection 3 of section 54-35-26 of the North Dakota Century Code, relating to evaluation of economic development tax incentives; and to provide an effective date.

AI Summary

This bill creates a new nonrefundable tax credit for primary sector businesses in North Dakota that purchase qualifying manufacturing and animal agricultural machinery and equipment to automate their processes. The credit is 15% of the cost of the qualifying equipment, with an aggregate annual limit of $3 million. Half of the aggregate limit is designated for first-time claimants. The bill also amends existing law to change the name of a related tax credit program from the "Manufacturing Automation Equipment Credit" to the "Twenty-first Century Manufacturing and Animal Agricultural Workforce Incentive." The new tax credit and changes to the existing credit program are effective for taxable years beginning after December 31, 2022.

Committee Categories

Budget and Finance, Labor and Employment

Sponsors (11)

Last Action

Filed with Secretary Of State 05/09 (on 05/18/2023)

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