This bill proposes amendments to section 57-06-17.1 of the North Dakota Century Code, specifically addressing the tax exemption for carbon dioxide pipelines. The amendments clarify that property, excluding land, is exempt from taxation during construction and for the first ten full taxable years following initial operation, provided it consists of a pipeline and necessary associated equipment for the transportation or storage of carbon dioxide. Notably, the bill introduces an exception stating that the exemption does not apply to interstate pipelines and associated equipment used for transporting carbon dioxide into the state for secure geologic storage.

Additionally, the bill specifies that the exemption is subject to certain limitations, which are outlined in the amended section. The effective date for this Act is set for taxable years beginning after December 31, 2024. Overall, the amendments aim to refine the existing tax exemption framework for carbon dioxide pipelines while excluding specific interstate operations from benefiting from this exemption.

Statutes affected:
INTRODUCED: 57-06-17.1
Prepared by the Legislative Council staff for Senator Magrum: 57-06-17.1
FIRST ENGROSSMENT: 57-06-17.1