This bill amends and reenacts subsections 1 and 7 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. Key changes include the introduction of new income tax brackets for various filing statuses, such as "married filing separately," which has been removed, and adjustments to the income thresholds for tax rates. The tax rates for individuals and estates or trusts have been updated to reflect new income ranges, with specific amounts for each bracket being increased. Additionally, the bill mandates that the tax commissioner will prescribe new rate schedules based on cost-of-living adjustments.

Furthermore, the bill repeals section 57-38-01.28, which relates to the marriage penalty credit, and updates the list of tax credits available to taxpayers under subsection 7. The marriage penalty credit has been deleted from the list of tax credits, while other credits, such as the family care tax credit and various investment tax credits, remain. The effective date for these changes is set for taxable years beginning after December 31, 2024.

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