BISMARCK, N.D. _ The North Dakota Senate killed a bill with more than $350 million in individual and corporate income tax cuts on Tuesday.
Senators voted 12-35 to kill House Bill 1250. The bill had passed by a large majority in the House less than 24 hours before.
In its final form HB1250 contained $101 million in corporate income tax cuts and $251 million in personal income tax cuts.
Sen. Joe Miller, R-Park River, said passage of HB1250 would send a message that “North Dakota is ready to do business.” He went on to call it a responsible action for the people of the state.
“We must put money back in people’s pockets,” Miller said.
Sen. Dwight Cook, R-Mandan, said if passed the state will have enacted more than $1 billion in tax cuts in the current session. More than $700 million in property tax cuts are included in the K-12 funding formula, which is still in conference committee.
Cook said the Legislature will have passed income tax relief for the third consecutive session if HB1250 passed.
“It’s a trend we can sustain,” Cook said.