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Rauschenberger: North Dakotans Will Benefit from Tax Reform

FOR IMMEDIATE RELEASE
Thursday, December 21, 2017

Contact:  Jen Raab, Public Information Officer, 701.328.3039

Rauschenberger: North Dakotans Will Benefit from Tax Reform

Bismarck, N.D. –Tax Commissioner Ryan Rauschenberger today released information on the federal Tax Cuts and Jobs Act of 2017 with examples of how it will affect North Dakota taxpayers, and the results are positive.

“Our office has crunched the numbers and a vast majority of North Dakota taxpayers will benefit from this tax reform,” Rauschenberger said. “Since the legislation will double the standard deduction that more than 80 percent of North Dakota taxpayers take, North Dakotans will see more of a benefit than taxpayers in most other states.”

Rauschenberger went on to point out that the lowered federal tax rates and increased child tax credits are two primary changes that benefit taxpayers by reducing federal tax liability.   

The Office of State Tax Commissioner also conducted an analysis on how the Tax Cuts and Jobs Act of 2017 will affect state individual income tax collections.  Nearly all taxpayers will see significant reductions in their federal tax liability. However, changes will vary for North Dakota individual income taxpayers based on how they benefited from personal exemptions and itemized deductions allowed under the old tax code.

“The Tax Cuts and Jobs Act of 2017 will have minimal impact on state individual income tax collections,” Rauschenberger added. “Our initial analysis shows a 1.5 percent increase in income tax collections for the second year of this biennium.”

North Dakota taxpayer examples, as well as the estimated impact to North Dakota individual income tax collections, may be found at www.nd.gov/tax/taxreform.  More information on the Tax Cut and Jobs Act of 2017 may be found at www.congress.gov.

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Ryan Rauschenberger
Tax Commissioner
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News

Sign up to receive new releases via email.  Select the "ND Tax News" list.

 

Rauschenberger: North Dakotans Will Benefit from Tax Reform

FOR IMMEDIATE RELEASE
Thursday, December 21, 2017

Contact:  Jen Raab, Public Information Officer, 701.328.3039

Rauschenberger: North Dakotans Will Benefit from Tax Reform

Bismarck, N.D. –Tax Commissioner Ryan Rauschenberger today released information on the federal Tax Cuts and Jobs Act of 2017 with examples of how it will affect North Dakota taxpayers, and the results are positive.

“Our office has crunched the numbers and a vast majority of North Dakota taxpayers will benefit from this tax reform,” Rauschenberger said. “Since the legislation will double the standard deduction that more than 80 percent of North Dakota taxpayers take, North Dakotans will see more of a benefit than taxpayers in most other states.”

Rauschenberger went on to point out that the lowered federal tax rates and increased child tax credits are two primary changes that benefit taxpayers by reducing federal tax liability.   

The Office of State Tax Commissioner also conducted an analysis on how the Tax Cuts and Jobs Act of 2017 will affect state individual income tax collections.  Nearly all taxpayers will see significant reductions in their federal tax liability. However, changes will vary for North Dakota individual income taxpayers based on how they benefited from personal exemptions and itemized deductions allowed under the old tax code.

“The Tax Cuts and Jobs Act of 2017 will have minimal impact on state individual income tax collections,” Rauschenberger added. “Our initial analysis shows a 1.5 percent increase in income tax collections for the second year of this biennium.”

North Dakota taxpayer examples, as well as the estimated impact to North Dakota individual income tax collections, may be found at www.nd.gov/tax/taxreform.  More information on the Tax Cut and Jobs Act of 2017 may be found at www.congress.gov.

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