This bill amends the homestead tax credit provisions in North Dakota's Century Code, specifically targeting the eligibility criteria and income thresholds for individuals seeking tax reductions on their homesteads. The age requirement for eligibility is adjusted from sixty-five to sixty-two years, and the income limits for receiving a full exemption are increased from forty thousand dollars to seventy thousand dollars. Additionally, the income threshold for a partial exemption is raised from seventy thousand dollars to one hundred thousand dollars.

The bill also clarifies that the exemption applies regardless of whether the individual is the head of a family and continues even if the person is temporarily absent due to confinement in a care facility, provided the homestead is not rented out. It stipulates that only one exemption can be claimed by individuals residing together as spouses or dependents, while co-owners who are not related can claim a percentage of the exemption based on their ownership interest. The effective date for these changes is set for taxable years beginning after December 31, 2024.

Statutes affected:
INTRODUCED: 57-02-08.1