Spending, tax reductions, highlight 62nd N.D. Legislative Assembly
Created: 4/29/11 (Fri) | Topic: Issues
The 62nd Legislative Assembly has concluded with record-breaking spending levels and significant tax reductions. As one legislator has been quoted as saying, “We have to decide how much to spend, how much to save and how much to return to the taxpayers.”
The big winners were the 17 oil-producing counties for roads and other infrastructure needs. Transportation for other areas of the state also received an influx of funding as an investment in roads and bridges. Tax reductions also highlighted the Session.
The general fund concluded with $51 million dollars in reserves. Legislators put enough money in the property tax sustainability fund to cover the next four years. A new Strategic Infrastructure and Investment Fund is expected to have a balance of $380 million. This fund replaces the former permanent oil tax trust fund, which was abolished.