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<br />ND Code Sec. 40-63-07, Renaissance fund organization--Exemption from taxation <br /> <br />credit provided by this section for the <br />investment must be disallowed, and any credit <br />previously claimed and allowed with respect to <br />the investment must be paid to the tax <br />commissioner with the appropriate return of <br />the taxpayer covering the period in which the <br />redemption occurred. When payments are <br />made to the tax commissioner under this <br />section, the amount collected must be handled <br />in the same manner as if no credit had been <br />allowed. <br />9. A renaissance fund organization shall secure <br />an annual audit of its financial records, <br />prepared by an independent certified public <br />accounting firm in accordance with generally <br />accepted auditing standards. The audit report <br />must include a statement of the percentage of <br />annual investments received by the <br />organization which have been invested by the <br />organization in investments permitted under <br />this chapter, including the use of investments, <br />distinguishing between organization <br />investments made in renaissance zones and <br />outside renaissance zones. A renaissance fund <br />organization shall file a copy of each audit of <br /> <br />Page 2 <br /> <br />its financial records under this subsection with <br />the governing body of the city in which it was <br />established, the department of commerce <br />division of community services, and the tax <br />commissioner. The department of commerce <br />division of community services shall provide <br />an annual report to the budget section of the <br />legislative council showing the conclusions of <br />audit reports filed under this subsection. <br /> <br />Added by L.1999, c. 369, S 7, eff. Jan. 1, 1999. Amended <br />by L.2001, c. 359, S 7, eff. Aug. 1,2001; L.2001, c. 360, S <br />1; L.2003, c. 48, S 30, eff. Aug. 1,2003; L.2003, c. 351, S <br />1, eff. July 1, 2003. <br /> <br />HISTORICAL NOTES <br /> <br />HISTORICAL AND STATUTORY <br />NOTES <br /> <br />L.200 I, c. 360, ~ 2, provides: <br /> <br />"EFFECTIVE DATE. This Act is effective for taxable <br />years beginning after December 31,2000." <br /> <br />Search this disc for cases citing this section. <br /> <br /><eJ 2007 Thomson/West. No claim to original U.S. Gavt. works. <br />