House Bill 1158 Will Provide $515 Million in Tax Relief for North Dakotans

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The newly signed House Bill 1158 will provide $515 million in tax relief to taxpayers in North Dakota.

North Dakota
The newly signed House Bill 1158 will provide $515 million in tax relief in North Dakota. (Photo: InForum)

House Bill 1158 To Provide North Dakotans $515 Million in Tax Relief

North Dakota Governor Doug Burgum signed House Bill 1158, providing $515 million in income and property tax relief.

The newly signed House Bill 1158 will only focus on two brackets; the top tax bracket and the bottom tax bracket, wherein the top tax bracket will have to pay 2.5% while the bottom tax bracket will have to pay 1.95%, The Center Square reported.

House Bill 1158 is expected to provide a 100% reduction of the taxable evaluation to individual taxpayers aged 65 and above whose incomes are below $40,000 every year, while individual taxpayers whose incomes are from $40,000 to $70,000 will be eligible for a 50% reduction.

READ ALSO: North Dakota Governor Burgum Signs Major Tax Relief Package Into Law

House Bill 1158 Will Provide Largest Income Tax Relief to North Dakotans

House Bill 1158 was originally proposed as a relief plan to have a 1.5% flat tax, but the bill will still help many individual taxpayers reduce their financial burden—an initial step towards the goal of providing North Dakotans a zero-income tax.

Although House Bill 1158 was already approved, there will still be presentations regarding the bill and other possible tax relief for individual taxpayers in North Dakota.

READ ALSO: $393 Monthly Pay: Parents Could Get Instead Of Boosted Child Tax Credit

 

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