Burgum signs $515 million tax cut bill

BISMARCK, N.D. (KFYR) - With the stroke of a pen, half a billion dollars in tax cuts is a reality in North Dakota.

Gov. Doug Burgum, R-ND, signed HB 1158 into law Thursday, the largest income tax cut in state history.

It also includes more than $50 million to expand the Homestead Tax Credit and more than a $100 million in property tax credits.

Under the new law, three out of five taxpayers won’t pay state income tax.

“We can leave here today knowing that this is going to benefit everybody in North Dakota who owns a home, everybody in North Dakota who files a W-2 form is going to benefit from this legislation. It’s not often we can pass legislation that touches that many people,” said Burgum.

The income tax cut will apply to the 2023 tax year.