North Dakota Code 57-39.2-26.4 – Large facility development fund – State treasurer – Continuing appropriation – Report
(Effective through June 30, 2027) 1. There is created in the state treasury the large facility development fund. The fund consists of all moneys transferred to the fund under subsection 2. All moneys in the fund are appropriated to the state treasurer on a continuing basis for the purpose of providing distributions to an eligible county or city.
Terms Used In North Dakota Code 57-39.2-26.4
- moneys: means gold and silver coin, treasury notes, bank notes, and every deposit which any person owning the same or holding in trust and residing in this state is entitled to withdraw as money or on demand. See North Dakota Code 57-02-01
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
2. Notwithstanding any other provision of law, after the allocations under section 57-39.2-26.1, 57-39.2-26.2, and 57-39.2-26.3, a portion of sales, gross receipts, and use tax collections equal to the amount under subsection 3 must be deposited by the state treasurer in the large facility development fund as needed. The tax commissioner shall calculate the amount needed for distribution under subsection 3 and shall certify to the state treasurer the portion of sales, gross receipts, and use tax net revenues that must be deposited in the fund to provide for the distribution.
3. Within thirty days after construction begins on the large facility, the state treasurer shall distribute to a county or city an amount equal to one percent of up to two billion dollars of estimated cost of tangible property eligible for a tax exemption under section 57-39.2-04.15 used in the construction of the large facility if:
a. The county or city is levying a local sales tax for infrastructure, public safety, or economic development; and
b. The county in which the large facility is located has a hub city and received at least thirty million dollars of oil and gas gross production tax revenue allocations under section 57-51-15 from September 1, 2021, through August 31, 2022.
4. To qualify for the distribution under subsection 3, the large facility must:
a. Be a new fertilizer or chemical processing plant that is eligible for a tax exemption under section 57-39.2-04.15; b. Begin construction after July 1, 2023; and
c. Have an estimated total cost of at least one billion dollars.
5. A county or city may receive only one distribution under subsection 3.
6. If the large facility is within city limits, only a city is eligible to receive a distribution under subsection 3.
7. The owner of the large facility shall provide information and documentation to the tax commissioner to determine the estimated cost of the tangible property and the estimated total cost of the large facility for calculations under this section.
8. If a county or city receives a distribution from the fund, the county or city shall provide at least one report to the legislative management on the use of the funding. The report must include the amount of funding received and spent by the county or city, including an itemized list of the amounts spent and a description of how the funding was used by the county or city.