The bill amends the definition of "primary sector business" in the North Dakota Century Code to explicitly include tourism operations that create new wealth by attracting out-of-state visitors. It clarifies that "new wealth" encompasses revenues generated by both businesses and tourism operations through sales to customers or visitors from outside the state, as well as to in-state customers for products or services that were previously unavailable. Additionally, the bill removes the previous inclusion of tourism in the definition of primary sector business in a different section, while maintaining that production agriculture is not included in this definition.

Furthermore, the bill revises the definition of "local development organization" to ensure that no shareholder or member can own more than twenty-five percent of the voting control if they have a direct financial interest in any project associated with the organization. This aims to promote community-focused economic development rather than profit-driven motives. The term "project" is also clarified to include revenue-producing enterprises, with a focus on the establishment or expansion of qualifying businesses, while the previous definition of "tourism" has been deleted from the relevant section.

Statutes affected:
INTRODUCED: 1-01-49, 10-30.5-01, 40-57.1-02
Enrollment: 1-01-49, 10-30.5-01, 40-57.1-02