This bill amends and reenacts specific subsections of section 57-38-30.3 of the North Dakota Century Code, which pertains to income tax rates for individuals, estates, and trusts, as well as the marriage penalty credit. Notably, the bill introduces new tax brackets and rates for various filing statuses, including single, married filing jointly, and head of household, while also adjusting the income thresholds for these brackets. The tax rates for individuals are modified to reflect updated income ranges, with the maximum income for the highest tax bracket increased. Additionally, the bill repeals the marriage penalty credit, which previously provided tax relief for married couples.

Furthermore, the bill outlines the tax credits available to taxpayers under this section, including various credits for family care, agricultural investments, and workforce recruitment, while explicitly removing the marriage penalty credit from the list of available credits. The effective date for this legislation is set for taxable years beginning after December 31, 2024. Overall, the bill aims to modernize the income tax structure in North Dakota by adjusting tax rates and eliminating certain credits.

Statutes affected:
INTRODUCED: 57-38-30.3, 57-38-01.28