d. Buffalo renaissance zone-letter of support

ND Code Sec. 40-63-04, Income tax exemptions *19690 N.D. Code ~ 40-63-04 WEST'S NORTH DAKOTA CODE TITLE 40. MUNICIPAL GOVERNMENT CHAPTER 40-63. RENAISSANCE ZONES Current through the 2005 Regular Session of the 59th Legislative Assembly ~ 40-63-04. Income tax exemptions 1. An individual taxpayer who purchases or rehabilitates single-family residential property for the individual's primary place of residence as a zone project is exempt from up to ten thousand dollars of personal income tax liability as determined under section 57-38-29 or 57-38-30.3 for five taxable years beginning with the date of occupancy or completion of rehabilitation. 2. Any taxpayer that purchases, leases, or rehabilitates residential or commercial property for any business or investment purpose as a zone project is exempt from any tax on income derived from the business or investment locations within the zone for five taxable years, beginning with the date of purchase, lease, or completion of rehabilitation. 3. If the cost of a new business purchase or expansion of an existing business, approved as Page 1 a zone project, exceeds seventy-five thousand dollars, and the business is located in a city with a population of not more than two thousand five hundred, an individual taxpayer may, in lieu of the exemption provided in subsection 2, elect to take an income tax exemption of up to two thousand dollars of personal income tax liability as determined under section 57-38-29 or 57-38-30.3. The election must be made on the taxpayer's zone project application. The election is irrevocable and binding for the duration of the exemptions provided in subsection 2 or 3. If no election is made on the zone project application, the taxpayer is only eligible for the exemption provided in subsection 2. 4. The exemptions provided by this section do not eliminate any duty to file a return or to report income as required under chapter 57-35.3 or 57-38. Added by L.1999, c. 369, ~ 4, efJ. Jan. 1, 1999. Amended by L.2001, c. 359, ~ 4. HISTORICAL NOTES HISTORICAL AND STATUTORY NOTES L.2001, c. 359, ~ 12, provides: "APPLICATION. Sections 4 and 5 of this Act apply to zone projects approved after December 31, 1999, and section 6 of this Act applies to zone projects approved after July 31, 2001." Search this disc for cases citing this section. @ 2007 Thomson/West. No claim to original U.S. Govt. works.