The Senate has voted to scale back individual and corporate income tax reductions back to the Governor’s proposal.
Governor Dalrymple had proposed 100-million dollars in individual income tax reductions – and 25 million dollars in corporate tax cuts. The House version cut 501-million dollars – and the Senate Finance and Tax Committee pared that back to 190 million dollars.
Sen. Joe Miller (R-Park River) pushed for the Finance and Tax committee plan.
"We have an abundance of money coming into the state treasury," said Miller. "We need to do what's right, and that's keep it in the pockets of North Dakotans."
But Sen. Bill Bowman (R-Bowman) cautioned that tax relief should be a balanced approach – and he says lawmakers could learn a lesson from the past.
"If you can go back and relate to the 80s -- I was through it, and I saw what it did to some of our communities," said Bowman, referring to the the oil bust in the 1980s. "It was devastating. So we have to be extremely careful on how we approach the tax revenue and how much we can save the taxpayer."
The bill will likely be in a conference committee.
