State of North Dakota secondary Archives: on Corporations

Doug Burgum: Economy of the future built on collaboration for innovation

DB: Entrepreneurs are the lifeblood of our economy. From the original Dakota Territory pioneering settlers, to the grassroots innovators whose ideas and actions lead to the creation of global companies, North Dakota has a history of innovation. The economy of the future will be built around collaboration from research, universities, communities, companies, and entrepreneurs. We have to do more than create great jobs; we have to create communities that foster interaction and ideas that become attractors for innovators. While innovation and entrepreneurship are simply buzzwords for some, for me, they are tangibles that I have lived and breathed throughout my entire life in North Dakota.

Doug Burgum: Founded software company at age 26; grew to 2,000 staff

Eliot Glassheim: Opposed across-the-board corporate and income tax cuts

• Change highest bracket from $398,350 to $411,500 for individuals [and analogous for other brackets and categories]
• A tax is hereby imposed upon the taxable income of every domestic and foreign corporation [at these new rates]:
• For the first $25,000 of taxable income: decrease the rate from 1.48% to 1.41%
• On all taxable income exceeding $25,000, decrease the rate from 3.73% to 3.55%
• On all taxable income exceeding $50,000 decrease the rate from 4.53% to 4.31%.

Legislative outcome: Glassheim voted NAY; bill passed Senate 33-14 on Feb. 18; bill passed House 59-32-3 April 17; Governor Dalrymple signed April 23 !

Heidi Heitkamp: Supports Consumer Financial Protection Bureau, with reforms

Kevin Cramer (R): Yes. Considered it regulatory overreach.

Heidi Heitkamp (D): Eased financial regulations for smaller banks, but opposes further easing rules.

Jack Dalrymple: Cut corporate tax and income tax across the board

• Change highest bracket from $398,350 to $411,500 for individuals [and analogous for other brackets and categories]
• A tax is hereby imposed upon the taxable income of every domestic and foreign corporation [at these new rates]:
• For the first $25,000 of taxable income: decrease the rate from 1.48% to 1.41%
• On all taxable income exceeding $25,000, decrease the rate from 3.73% to 3.55%
• On all taxable income exceeding $50,000 decrease the rate from 4.53% to 4.31%.

Legislative outcome: Bill passed Senate 33-14 on Feb. 18; bill passed House 59-32-3 April 17; Governor Dalrymple signed April 23 !

Kelly Armstrong: Cut corporate tax and income tax across the board

• Change highest bracket from $398,350 to $411,500 for individuals [and analogous for other brackets and categories]
• A tax is hereby imposed upon the taxable income of every domestic and foreign corporation [at these new rates]:
• For the first $25,000 of taxable income: decrease the rate from 1.48% to 1.41%
• On all taxable income exceeding $25,000, decrease the rate from 3.73% to 3.55%
• On all taxable income exceeding $50,000 decrease the rate from 4.53% to 4.31%.

Legislative outcome: Bill passed Senate 33-14 on Feb. 18; Armstrong voted YEA; bill passed House 59-32-3 April 17; Governor signed April 23

Kevin Cramer: Consumer Financial Protection Bureau is regulatory overreach

Kevin Cramer (R): Yes. Considered it regulatory overreach.

Heidi Heitkamp (D): Eased financial regulations for smaller banks, but opposes further easing rules.

Marvin Nelson: Opposed across-the-board corporate and income tax cuts

• Change highest bracket from $398,350 to $411,500 for individuals [and analogous for other brackets and categories]
• A tax is hereby imposed upon the taxable income of every domestic and foreign corporation [at these new rates]:
• For the first $25,000 of taxable income: decrease the rate from 1.48% to 1.41%
• On all taxable income exceeding $25,000, decrease the rate from 3.73% to 3.55%
• On all taxable income exceeding $50,000 decrease the rate from 4.53% to 4.31%.

Legislative outcome: Nelson voted NAY; bill passed Senate 33-14 on Feb. 18; bill passed House 59-32-3 April 17; Governor Dalrymple signed April 23 !

Rick Becker: Picking winners & losers fails; lower taxes & get out of way

Rep. Rick Becker agreed that technology will be key to the state's future but disagreed with Wayne Stenehjem on the state's role in business. Becker said the focus should be on lowering tax rates for individuals and businesses so everyone benefits equally.

Becker said he has a problem with the various tax incentives and programs available to try and attract businesses to the state [which Stenhjem supports]. "It sets up all sorts of problems. We're picking winners and losers," Becker said. If government focuses on one or two specific areas for economic development, it overlooks the full potential of the economy and other businesses are ignored, he said.

Becker said an enticing tax climate would make having incentives unnecessary. "The government doesn't create jobs that are productive to the economy. What it can do is get out of the way," Becker said.

Rick Becker: Lower tax rates and eschew picking winners and losers

"What we need to do is improve our whole tax climate," Becker said. Becker said rather than provide a wide array of tax incentives the rates should be lower in order to benefit everyone and eschew picking winners and losers.

Stenehjem said the problem with the reliance on oil revenue is the large impact it has on income and sales tax collections. He succinctly outlined a key platform plank his administration would have in solving the problem. "Diversity, diversity and diversity," Stenehjem said: ways to diversify the state's economy is to push for value-added energy and agricultural products as well as grow the state's unmanned aerial systems industry.