Bill > HB1435

This bill establishes a new legacy earnings fund in North Dakota that will receive distributions from the state's legacy fund, which is a sovereign wealth fund created from oil and gas tax revenues. The bill specifies that every odd-numbered year, the state treasurer will distribute an amount equal to seven percent of the legacy fund's five-year average balance, and then allocate those funds in a specific order: first, up to $102.6 million (or the amount needed) will go to the legacy sinking and interest fund for debt service payments; next, $225 million will be directed to the general fund to support tax relief initiatives; then, $100 million will be allocated to the legacy earnings highway distribution fund; and finally, the remaining amount will be split, with 50% going to the general fund and the other 50% going to the strategic investment and improvements fund. The bill also amends existing law by removing references to the legacy earnings fund from the list of funds managed by the state investment board and repeals two sections related to legacy fund definitions. The bill is set to become effective on July 1, 2025, and is declared an emergency measure, which typically allows it to take effect immediately upon passage.

Budget and Finance

https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo1435.html