This bill proposes the creation of a new subdivision to subsection 2 of section 57-38-30.3 of the North Dakota Century Code, which introduces an individual income tax deduction specifically for the Segal AmeriCorps education award. The new legal language stipulates that the taxpayer's income will be reduced by the amount of the Segal AmeriCorps education award disbursed under 42 U.S.C. 12604, provided that the amount was included in the taxpayer's federal taxable income during the taxable year.

The bill is set to take effect for taxable years beginning after December 31, 2024, allowing individuals who receive the Segal AmeriCorps education award to benefit from this tax deduction in their future tax filings.