State Bill in North Dakota to Use SWF for Paying off Residential Property Taxes
Posted on 02/06/2021
A contingent of North Dakota state legislators are looking at spending the earnings of the North Dakota Legacy Fund toward the elimination of residential property taxes. The bill is House Bill 1446. These advocates believe the money would cycle back through the local North Dakota economy. However, party leadership in both the Democrats and Republicans have dismissed the legislation and have other ideas for the use of funds in the state’s oil tax savings account. House Bill 1446 would use the earnings of the North Dakota Legacy Fund to be used on property tax credits for North Dakota homeowners and then reimburse counties for the lost income. The bill has not yet been scheduled for a committee hearing.
The North Dakota Legacy Fund is at US$ 8.155 billion. The fund is invested almost entirely outside of North Dakota and the United States. North Dakota voters created the Legacy Fund in 2010 with a portion of oil and gas taxes.
Earlier in 2020, there was a proposal by North Dakota Insurance Commissioner Jon Godfread to form a North Dakota Investment Advisory Committee to review and recommend viable investment opportunities within the state.