`/*%$ taxes

[tikkalover]

Our state is filthy rich from oil revenue and I don't see that going away until the next big invention so it becomes worthless, sadly, they are tighter than a fiddle string with it.

 

[Davy Crockett]

There must be some big hurdles because it seems like by now they would have it perfected.

 

[Duckslayer100]

One simple way to help ease the overall tax burden is to stop incentivizing companies to come here. 20-year tax-free deals are horseshit. The giant contractors are to blame, too (here's looking at you, Roers) using loopholes to dodge any sort of tax burden whenever they can.

Ultimately, it's we the people who get stuck carrying the load. And in the case of Fargo, which will most likely never get out from our billion-dollar deficit, you can't just special-assessment your way out of a shitpile.

I'm so ready to get the f out of Dodge and move to the country. Just a few more years till the kiddos graduate and then g-bye Fargay!

 

[Rowdie]

 

[measure-it]

Rowdie: That about says it all!

 

[wslayer]

One simple way to help ease the overall tax burden is to stop incentivizing companies to come here. 20-year tax-free deals are horseshit. The giant contractors are to blame, too (here's looking at you, Roers) using loopholes to dodge any sort of tax burden whenever they can.

Ultimately, it's we the people who get stuck carrying the load. And in the case of Fargo, which will most likely never get out from our billion-dollar deficit, you can't just special-assessment your way out of a shitpile.

I'm so ready to get the f out of Dodge and move to the country. Just a few more years till the kiddos graduate and then g-bye Fargay!

Agreed, the tax free incentive to move here is bullshit. 3 yrs tax-free should be the max IMO

 

[Rowdie]

I know it's England but still says a lot about taxes and government.

 

[Rowdie]

 

[tikkalover]

North Dakota Legacy Fund earnings projected to be 30% higher next biennium​

Preliminary estimates project North Dakota lawmakers will be able to spend nearly $900 million from Legacy Fund earnings during the 2027 legislative session.

The $894 million is a preliminary estimate presented to lawmakers Wednesday by Retirement and Investment Office staff. It would represent a roughly 30% increase from what was received for the 2025-2027 biennium.

The Legacy Fund earnings, the portion of the Legacy Fund that is available to be spent, represents 8% of the Legacy Fund's average value over five years.



That five-year average value is projected to be around $11.2 billion. The Legacy Fund has grown from roughly $8 billion in 2022 to slightly more than $15 billion as of May 31.

"You can see the growth over the last five years. It's been very significant," said Adam Otteson, chief financial officer for the Retirement and Investment Office that manages the Legacy Fund's investment.

The $894 million is subject to change when the value of the Legacy Fund as of June 30 is finalized. The earnings will be transferred from the Legacy Fund on July 1, 2027, to be spent as determined in the 2027 legislative session.

Otteson said current law would allocate around $102 million to paying off debt. Then 30% of what remains, or about $238 million, is allocated to the highway fund and the remaining $554 million goes to the property tax relief fund, he said.



Rep. Jonathan Warrey, R-Casselton and the outgoing chair of the Legacy Fund's advisory board, said that spending is also preliminary.


"It's accurate, but it's always subject to new legislation that will certainly be introduced," Warrey said.

A property tax credit expanded last year for homeowners is expected to cost the state roughly $430 million during the current budget cycle.

Warrey was elected vice chair of the Legacy and Budget Stabilization Fund Advisory Board during the same meeting. Sen. Jerry Klein, R-Fessenden and formerly the vice chair, was elected chair.

The Legacy Fund was created by voters in the 2010 general election. It receives a portion of the state's oil tax revenue, which is then invested by the Retirement and Investment Office to create a perpetual source of revenue for the state.



So far, state lawmakers have only spent from the Legacy Fund earnings that are automatically distributed every biennium. The Legislature can spend from the principal of the Legacy Fund with a vote of at least two-thirds of state Senate and House members. Voters in 2024 approved a measure that limits the amount of principal that can be spent to no more than 5% every two years.

 

[tikkalover]

North Dakota launches transparency website for Legacy Fund​

The North Dakota Retirement and Investment Office (RIO) has launched a website that gives the public information about the Legacy Fund, the state’s sovereign wealth fund which is currently valued at more than $15 billion.

Established through a 2010 constitutional amendment, the fund receives 30% of North Dakota’s oil and gas production and extraction tax revenues.

According to a press release from RIO, the new interactive resource, available at legacyfund.nd.gov, includes the fund’s history, governance structure, investment holdings and financial impact on the state.

Visitors can also explore a historical timeline, learn about the In-State Investment Program and access news, reports and performance information.

The website’s holdings page includes an interactive world map that allows users to select a country and explore associated holdings. Users can filter holdings by asset class and sector, search by company name and download the data.

“The Legacy Fund is an important part of North Dakota’s financial future, and transparency helps the public understand how it is managed,” said RIO Executive Director Jodi A. Smith. “This website makes it easier for North Dakotans to learn about the fund and understand its role in our state.”

The State Investment Board has fiduciary responsibility for its investments, with investment services provided by the Retirement and Investment Office. The Legacy and Budget Stabilization Fund Advisory Board provides recommendations on investment policy.

Decisions about appropriating fund earnings are made through the legislative process.

The website was developed in response to House Bill 1319, enacted during the 2025 legislative session and requires the State Investment Board to maintain a publicly accessible website listing the Legacy Fund’s investments.

The Retirement and Investment Office selected Tactis LLC, a Maryland-based customer experience and digital engineering firm, through a competitive bid process to design, build and manage the website. Devii, a North Dakota technology company, is a subcontractor providing the data platform that receives and prepares the fund’s holdings for publication.

 

[risingsun]

Thanks for sharing ^^^^^

 

[Maddog]

North Dakota launches transparency website for Legacy Fund​

..... .....


The Retirement and Investment Office selected Tactis LLC, a Maryland-based customer experience and digital engineering firm, through a competitive bid process to design, build and manage the website. DeviL, a North Dakota technology company, is a subcontractor providing the data platform that receives and prepares the fund’s holdings for publication.

I updated for yall. And you trust this? LOL

 

[Eatsleeptrap]

I updated for yall. And you trust this? LOL

Well of course. They probably hired 50 people to run it, so you know the website is done right...

 

[eyexer]

It’ll be a smoke and mirrors show

 

[Ruttin]

I still want to see all the companies and individuals involved in the Department of Commerce Development Fund fraud that has came out. This smells really bad!

 

[gonefshn]

I still want to see all the companies and individuals involved in the Department of Commerce Development Fund fraud that has came out. This smells really bad!

You’d probably have better luck getting to see the Epstein files.

 

[Ruttin]

You’d probably have better luck getting to see the Epstein files.

I agree...both parties are guilty of "free" money.

 

[tikkalover]

Ethics Commission launches probe amid scrutiny of ND Development Fund’s finances​

The North Dakota Development Fund has come under scrutiny in recent weeks following a recent audit.

Now, the state ethics commission is getting involved.

Kyler Collom spoke with the commission’s chair on what’s next.

The North Dakota Development Fund announced more than $6.3 million in loan approvals for four businesses Tuesday, including $5 million for Packet Digital’s new drone battery manufacturing plant in Fargo.

“We talked about who else it would be if we weren’t the ones initiating it because the Attorney General can’t. So, what we decided to do was open an inquiry to get some information. It could lead to an investigation, but we need to get some information first,” Sharp said.

A performance audit covering July 2019 through June 2024 identified just under $4 million in financing for five entities connected to two fund board members.

Auditors found insufficient documentation showing how potential conflicts were identified, evaluated and managed.

In the wake of that report, the legislature’s audit review committee recommended eliminating the fund and transferring its outstanding loans and investments to the Bank of North Dakota. That recommendation would require action by state lawmakers.

The committee also referred the audits and related testimony to Attorney General Drew Wrigley for possible investigation.

Wrigley declined, citing his office’s representation of current and former fund officials in a civil lawsuit.

Sharp said commissioners will begin by reviewing the audit and the legislative committee’s discussion before requesting additional information.

Fund officials said they have strengthened disclosure and recordkeeping practices, prohibited related-party transactions and planned additional policy improvements.

It’s important to note the inquiry does not establish that an ethics violation occurred.

We’ve reached out to a spokesperson for the development fund for additional comment on the ethics commission’s probe and will update as we learn more.

 

[tikkalover]

Chair, vice chair of North Dakota Development Fund resign​

The chair and vice chair of a state fund that’s come under financial scrutiny in recent weeks have resigned.

A spokesperson for Gov. Kelly Armstrong’s office confirmed that Jim Albrecht and Rob Lindberg submitted their resignations with the North Dakota Development Fund.

The spokesperson could not specify when their resignations were effective, and said the governor did not have further comment at this time.

There wasn’t a reason provided for their resignations.

The news comes as the North Dakota Ethics Commission announced they were launching an inquiry into the fund’s financials.

In September Your News Leader reported an audit revealed missing or incomplete documentation for nearly $4 million in transactions.

The commission’s inquiry does not establish that an ethics violation has occurred.

 

[wslayer]

Fricken crooks everywhere and we're suppose to believe their campaign BS.