This bill amends the definition of "primary sector business" in the North Dakota Century Code to include tourism operations that create new wealth by attracting out-of-state visitors. Specifically, it clarifies that a primary sector business can be an individual or corporation that adds value to products or services, and it expands the definition of "new wealth" to encompass revenues generated from both out-of-state customers and local customers for previously unavailable products or services. Additionally, the bill removes the previous inclusion of tourism in the definition of primary sector business in a different section, while still recognizing its importance in the context of economic development.

Furthermore, the bill modifies the definition of "local development organization" to ensure that no shareholder or member can own more than 25% of the voting control if they have a direct financial interest in any project associated with the organization. This aims to maintain community control and prevent conflicts of interest. The bill also retains the definition of "project" to include revenue-producing enterprises, while removing the specific mention of tourism from this definition, thereby streamlining the focus on primary sector businesses and their contributions to local economies.

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