701-566-9300There was a residual amount of luck from St. Patty’s Day that landed on 2360 today. It passed 74 to 18 and if nothing tampers with it, North Dakota farmers will have a new farm home exemption formula. Chief sponsors were Senators Dotzenrod, Wanzek, Erbele with Representatives Holman and John Nelson. So now if 66% of your gross income is from the farm, you qualify. It is in line now with the IRS definition. There is a bill that is seen as a companion (2278) which is sitting in House Finance and Taxation that the counties asked for. While it has a 14-0 Do Pass Recommendation from the committee, it has not yet been sent for a floor vote. That one would require all 53 counties to apply for the exemption whereas lately, about 20 counties had not been asking for producers to fill out the 3 page form. Now, if it passes, it is simplified to a one page form and all financial records submitted will be held confidential.
