DUSTIN GAWRYLOW: TAX CUTS MOVE FORWARD IN ND LEGISLATURE
Today, the North Dakota House of Representatives passed $150 million dollars worth of income tax cuts: $100 million for individuals (HB 1289) and $50 million in corporate income taxes (HB 1189). The corporate income tax bill went a step further by creating a Flat Tax for corporate income @ 4.9% with a $75,000 exemption.
This is a solid start!
A few weeks ago, we told you about the Tax Cut Targets NDTA has set.
We set a floor of NO LESS THAN $350 MILLION worth of new, real, long term tax cuts.
For this goal, we suggested a fair tax cut package comprising of:
- $150 million worth of individual income tax cuts.
- $50 million worth of corporate income.
- $150 million worth of sales tax cuts.
This proposed $350 MILLION TAX CUT PACKAGE would give all North Dakotans a slice of the tax revenue windfall the state has seen.
Recently, concerns have arisen about the proposed 1/2 cent sales tax cut that NDTA supports. Legislators fear that local government (city and counties) will raise their local sales tax to fill the gap left by a state sales tax cut.
This is a valid concern. But one that can be addressed as is attempted by House Bill 1437 which puts restrictions on how and when a local government can increase their sales tax rates.
While the action by the State House is a good first step, there is plenty of work to be done.
Please urge legislators to pass SUBSTANTIAL tax cuts this session by clicking here.
-Dustin Gawrylow, Executive Director
North Dakota Taxpayers' Association
DakotaBeacon