Chairman of ND tax committee eyes income tax elimination with Legacy Fund as source of lost revenue
BISMARCK — A North Dakota lawmaker plans to introduce legislation to effectively eliminate state income taxes and use earnings from the voter-approved Legacy Fund to replace the lost revenue.
Republican Rep. Craig Headland, who chairs the House Finance and Taxation Committee, said Monday, Jan. 7, his proposal wouldn’t immediately eliminate individual and corporate income taxes but would gradually reduce them as additional Legacy Fund earnings come in. He plans to introduce the bill this week.
Headland said the legislation helps meet the intended purpose of the Legacy Fund by sharing “some of the state’s excess wealth with taxpayers.” He said it could also boost the state’s economy by serving as a workforce recruitment tool.
“The concept is fairly simple: Use those earnings to replace the income tax, reduce everybody’s tax burden,” Headland said. “That way everybody is sharing in the legacy.”
Read more: https://www.inforum.com/news/government-and-politics/947542-Chairman-of-ND-tax-committee-eyes-income-tax-elimination-with-Legacy-Fund-as-source-of-lost-revenue