This bill proposes the establishment of a legacy earnings fund and a legacy property tax relief fund within the North Dakota Century Code. It creates a new section for the legacy earnings fund, which will receive distributions from the legacy fund, allocating funds for debt service payments, highway distribution, and property tax relief. The bill also amends existing laws concerning the investment of state funds, the homestead tax credit, and the primary residence credit certification, while repealing certain sections related to legacy fund definitions and the legacy earnings fund. Notably, it removes the "legacy earnings fund" from the list of funds managed by the state investment board and adjusts income thresholds for property tax exemptions and refunds.

Additionally, the legislation introduces amendments regarding property tax valuation and levy authority, allowing properties to be included in taxable valuations based on the previous year's valuation, irrespective of ownership changes. It permits taxing districts to increase their maximum mill levy authority for up to six years, subject to voter approval. The bill also establishes a new subdivision for valuation reductions for qualifying taxpayers and includes appropriations totaling $568,401,793 from the general fund and the legacy property tax relief fund to support reimbursement for taxable valuation reductions from July 1, 2025, to June 30, 2027. The effective date for certain sections is set for taxable years beginning after December 31, 2024.

Statutes affected:
INTRODUCED: 57-02-01, 57-02-08.10, 57-02-27, 57-02-27.1, 57-02-08.9
Prepared by the Legislative Council staff for House Finance and Taxation Committee: 6-09.4-10.1, 21-10-06, 54-27-19.3, 57-02-08.1, 57-02-08.10, 57-02-08.9
FIRST ENGROSSMENT: 6-09.4-10.1, 21-10-06, 54-27-19.3, 57-02-08.1, 57-02-08.10, 57-02-08.9
Prepared by the Legislative Council staff for Representative Weisz: 6-09.4-10.1, 21-10-06, 54-27-19.3, 57-02-08.1, 57-02-08.10, 57-02-08.9
SECOND ENGROSSMENT: 6-09.4-10.1, 21-10-06, 54-27-19.3, 57-02-08.1, 57-02-08.10, 57-02-08.9