HB 1575 — A BILL for an Act to create and enact two new sections to chapter 54-27, two new sections to chapter 57-02, and a new subdivision to subsection 1 of section 57-55-10 of the North Dakota Century Code, relating to a legacy earnings fund, a legacy property tax relief fund, a state reimbursed taxable valuation reduction for residential, agricultural, and commercial property, limitations on taxable valuation increases, and voter-approved excess levy authority; to amend and reenact section 6-09.4-10.1, subsection 1 of section 21-10-06, section 54-27-19.3, subdivision c of subsection 1 of section 57-02-08.1, subdivision b of subsection 2 of section 57-02-08.1, and section 57-02-08.10, of the North Dakota Century Code, relating to funds invested by the state investment board, the homestead tax credit and renters refund, and the primary residence credit certification and state reimbursement; to repeal sections 21-10-12, 21-10-13, and 57-02-08.9 of the North Dakota Century Code, relating to legacy fund definitions, the legacy earnings fund, and the primary residence credit; to provide an appropriation; to provide for a transfer; to provide an effective date; and to provide an expiration date.

25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly of North Dakota SECONDFIRST ENGROSSMENT REENGROSSEDENGROSSED HOUSE BILL NO.

1575 Introduced by Representatives Weisz, Beltz, Dockter, Dressler, Hagert, Headland, Kempenich Senators Klein, Schaible, Thomas A BILL for an Act to create and enact two new sections to chapter 54-27, two new sections to chapter 57-02, and a new subdivision to subsection 1 of section 57-55-10 of the North Dakota Century Code, relating to a legacy earnings fund, a legacy property tax relief fund, a state reimbursed taxable valuation reduction for residential, agricultural, and commercial property, and limitations on taxable valuation increases,increases andwithout voter-approvedvoter excessapproval; levy authority;

1 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly service requirements for evidences of indebtedness issued by the authority for transfer to the Bank of North Dakota for allocations to infrastructure projects and programs.

2 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly 2.

3 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly Legacy property tax relief fund.

4 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly 57-02-08.10.

5 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly 7.6.

6 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly 8.

7 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly this section for all parcels of residential property, agricultural property, and commercial property in the state for:

Limitation on taxable valuation increasesincreases. - Voter approval of excess levy authority.

8 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly included in the taxable valuation of the property in the preceding taxable year.

IfTaxable approvedvaluations byexceeding a majority of the qualifiedlimitations electorsunder ofsubsection a1 taxingmay districtbe votingimposed onupon theapproval questionof at a statewideballot generalmeasure, orstating primarythe election,proposed amaximum taxingallowable districtpercentage may increase thein taxingtaxable district'svaluation, maximumby milla levymajority authorityof above the levyqualified limitationselectors underof chapter 57-15 or the levytaxing limitationsdistrict authorizedvoting pursuanton tothe homequestion ruleat authoritya understatewide chaptergeneral 11-09.1 or 40-05.1primary forelection. not more than six taxable years at a time.

TheTaxable ballotvaluations mustexceeding specify the numberlimitations ofunder millssubsection proposed1 formay approval,be theapproved intendedby purposeelectors for thenot proposedmore excessthan millsix levy,taxable and the number of years forat whicha thetime. approval is to apply.

There is appropriated out of any moneys in the legacy property tax relief fund, not otherwise appropriated, the sum of $483,400,000, or so much of the sum as may be necessary, to the tax commissioner for the state reimbursement of the residential property, agricultural property, and commercial property taxable valuation reduction for Page No.

9 25.1283.0300025.1283.02000 Sixty-ninth Legislative Assembly property, agricultural property, and commercial property taxable valuation reduction for the biennium beginning July 1, 2025, and ending June 30, 2027.

10 25.1283.0300025.1283.02000