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<![CDATA[CHAPTER 40-63RENAISSANCE ZONES40-63-01. Definitions. As used in this chapter:1."Boundary" means the boundary established by vote of the city governing body and<br>approved by the department of commerce division of community services.2."Development plan" means a written plan that addresses the criteria in subsection 1<br>of section 40-63-03 and includes the following:a.A map of the proposed renaissance zone which indicates the geographic<br>boundaries and blocks, a description of the properties and structures on each<br>block, identification of those properties and structures to be targeted for<br>potential zone projects, and a description of the present use and conditions of<br>the targeted properties and structures.b.A description of the existing physical assets, in particular natural or historical<br>assets, of the zone and a plan for the incorporation and enhancement of the<br>assets within the proposed development.c.An outline of goals and objectives and proposed outcomes, including major<br>milestones or benchmarks, by which to gauge success resulting from the<br>designation of the zone.d.A description of the types of projects the city would encourage in the city's<br>targeted properties.e.A description of the promotion, development, and management strategies to<br>maximize investment in the zone.f.A plan for the development, promotion, and use of a renaissance fund<br>organization, if one is desired to be established. If a city is not ready to commit<br>to establishing a renaissance fund organization, the city may indicate in the<br>renaissance zone application the city's desire to submit a plan for approval at a<br>later date.g.Evidence of community support and commitment from residential and business<br>interests.3."Investor" means the individual, partnership, limited partnership, limited liability<br>company, trust, or corporation making an investment in a renaissance fund<br>organization.4."Lease" means the lease of space in a building in a designated renaissance zone by<br>a new business moving into the zone or by an existing zone business expanding in<br>the zone, and the continuation of a lease of an existing zone tenant in a building<br>rehabilitated as an approved zone project. For existing zone tenants expanding in<br>the zone, the term does not include existing leased space.5."Local zone authority" means the city or the entity designated by the city to promote,<br>develop, and manage the zone and may include any nonprofit incorporated entity<br>suchasaneconomicdevelopmentcorporation,communitydevelopmentcorporation, main street organization, or chamber of commerce.6."Original principal amount" means the funds invested in a renaissance fund<br>organization after designation of the renaissance zone and before the sunset of that<br>zone.Page No. 17."Rehabilitation", as used in sections 40-63-04 and 40-63-05, means the repair or<br>remodeling of a building or public utility infrastructure at a cost that is equal to or<br>exceeds fifty percent of the current true and full value for commercial buildings or<br>public utility infrastructure and twenty percent for single-family homes.8."Taxpayer" means an individual, corporation, financial institution, or trust subject to<br>the taxes imposed by chapter 57-35.3 or 57-38 and includes a partnership,<br>subchapter S corporation, limited partnership, limited liability company, or any other<br>passthrough entity.9."Zone" means a renaissance zone proposed by a city and designated by the<br>department of commerce division of community services.10."Zone project" means the purchase, lease, rehabilitation, or historical preservation or<br>renovation of a building or space in a building approved for zone incentives by a<br>majority vote of the city governing body or zone authority.40-63-02. Eligibility - Local zone authority designation. Any incorporated city mayapply to the department of commerce division of community services to designate a portion of<br>the city as a renaissance zone. Any individual, partnership, limited partnership, limited liability<br>company, trust, or corporation may apply for a tax credit or exemption under sections 40-63-04<br>through 40-63-07.The governing body of a city may designate a local zone authority toimplement a development plan on behalf of the city.40-63-03. Renaissance zones.1.A city may apply to the department of commerce division of community services to<br>designate a portion of that city as a renaissance zone if the following criteria are met:a.The geographic area proposed for the renaissance zone is located wholly within<br>the boundaries of the city submitting the application.b.The application includes a development plan.c.The proposed renaissance zone is not more than twenty-three square blocks,<br>except in a city with a population of greater than five thousand the renaissance<br>zone may exceed twenty-three square blocks at the rate of one additional block<br>for each additional five thousand population to a maximum size of thirty-eight<br>blocks. Population is based upon the most recent federal decennial census.If a city finds that renaissance zone projects have satisfactorilycompleted one or more blocks within the renaissance zone, the city may apply<br>for and the department of commerce division of community services may<br>approve withdrawal of those blocks from the renaissance zone and<br>replacement of those blocks with other blocks that otherwise meet the<br>requirements of this chapter.d.Except as provided under subdivision g, the proposed renaissance zone has a<br>continuous boundary and all blocks are contiguous.e.The proposed land usage includes both commercial and residential property.f.The application includes the proposed duration of renaissance zone status, not<br>to exceed fifteen years.Upon application by the city, the department ofcommerce division of community services may extend the duration of<br>renaissance zone status in increments of up to five years.Page No. 2g.The proposed renaissance zone may have a single exception to the continuous<br>boundary and contiguous block requirements under subdivision d if the area of<br>the excepted noncontiguous blocks does not exceed three square blocks.2.The department of commerce division of community services shall:a.Review all applications for renaissance zone designation against the criteria<br>established in this section and designate zones.b.Approve or reject the duration of renaissance zone status as submitted in an<br>application.c.Approve or reject the geographic boundaries and total area of the renaissance<br>zone as submitted in an application.d.Promote the renaissance zone program.e.Monitor the progress of the designated renaissance zones against submitted<br>plans in an annual plan review.f.Report on renaissance zone progress to the governor and the legislative<br>management on an annual basis until all designated zones expire.3.The department of commerce division of community services shall consider the<br>following criteria in designating a renaissance zone:a.The viability of the development plan.b.The incorporation and enhancement of unique natural and historic features into<br>the development plan.c.Whether the development plan is creative and innovative in comparison to<br>other applications.d.Public and private commitment to and other resources available for the<br>proposed renaissance zone, including the provisions for a renaissance fund<br>organization.e.How renaissance zone designation would relate to a broader plan for the<br>community as a whole.f.How the local regulatory burden, in particular that burden associated with the<br>renovation of historic properties and that burden associated with mixed use<br>development, will be eased for developers and investors in the renaissance<br>zone.g.The strategies for the promotion, development, and management of the zone,<br>including the use of a local zone authority if designated.h.Any other information required by the office.4.The department of commerce division of community services may not designate a<br>portion of a city as a renaissance zone unless, as a part of the application, the city<br>provides a resolution from the governing body of the city that states if the<br>renaissance zone designation is granted, persons and property within the<br>renaissance zone are exempt from taxes as provided in sections 40-63-04 through<br>40-63-07.5.A city may not propose or be part of more than one renaissance zone.Page No. 36.A parcel of property may be exempted from property taxes under section 40-63-05<br>only once, but during the five taxable years of eligibility for that exemption, the<br>property tax exemption transfers with the transfer of the property to a qualifying user.<br>The ownership or lease of, or investment in, a parcel of property may qualify for<br>exemption or credit under section 40-63-04 only once, but during the five taxable<br>years of eligibility for that exemption or credit, the exemption or credit under section<br>40-63-04 transfers with the transfer of the property to a qualified user and with<br>respect to the year in which the transfer is made must be prorated for use of the<br>property during that year.7.A city may apply to the department of commerce division of community services at<br>any time during the duration of a zone to expand a previously approved renaissance<br>zone that is less than the maximum size allowed under subdivision c of<br>subsection 1. If the expansion is approved by the department of commerce division<br>of community services, the blocks in the expansion are eligible for up to fifteen years<br>of renaissance zone status.8.The use of grant funds as the sole source of investment in the purchase of a building<br>or space in a building does not qualify a taxpayer for any tax exemption or credit<br>available under the chapter, and grant funds may not be counted in determining if<br>the cost of rehabilitation meets or exceeds the current true and full value of the<br>building.9.If a portion of an approved renaissance zone is not progressing, the city may request<br>the department of commerce division of community services to permit deleting that<br>portion and to make an adjustment of the boundaries to add another equal,<br>contiguous area to the original zone.40-63-04. Income tax exemptions.1.An individual taxpayer who purchases or rehabilitates single-family residential<br>property for the individual's primary place of residence as a zone project is exempt<br>from up to ten thousand dollars of personal income tax liability as determined under<br>section 57-38-30.3 for five taxable years beginning with the date of occupancy or<br>completion of rehabilitation.2.Anytaxpayerthatpurchases,leases,rehabilitates,ormakesleaseholdimprovements to residential, public utility infrastructure, or commercial property for<br>any business or investment purpose as a zone project is exempt from any tax on<br>income derived from the business or investment locations within the zone for five<br>taxable years, beginning with the date of purchase, lease, or completion of<br>rehabilitation.3.If the cost of a new business purchase, leasehold improvement, or expansion of an<br>existing business, approved as a zone project, exceeds seventy-five thousand<br>dollars, and the business is located in a city with a population of not more than two<br>thousand five hundred, an individual taxpayer may, in lieu of the exemption provided<br>in subsection 2, elect to take an income tax exemption of up to two thousand dollars<br>of personal income tax liability as determined under section 57-38-30.3.Theelection must be made on the taxpayer's zone project application. The election is<br>irrevocable and binding for the duration of the exemptions provided in subsection 2<br>or this subsection.If no election is made on the zone project application, thetaxpayer is only eligible for the exemption provided in subsection 2.4.If a property owner not participating in a renaissance zone project is required to<br>make changes in utility services or in a building structure because of changes made<br>to property that is part of a zone project, the owner of the nonparticipating property is<br>entitled to state income tax credits equal to the total amount of the investment<br>necessary to complete the required changes. The credit must be approved by thePage No. 4local renaissance zone authority. The credit must be claimed in the taxable year in<br>which the related project was completed. The credit may not exceed the taxpayer's<br>tax liability, and an unused credit may be carried forward up to five taxable years.5.The exemptions provided by this section do not eliminate any duty to file a return or<br>to report income as required under chapter 57-35.3 or 57-38.40-63-05. Property tax exemptions.1.A municipality may grant a partial or complete exemption from ad valorem taxation<br>on single-family residential property, exclusive of the land on which it is situated, if<br>the property was purchased or rehabilitated by an individual for the individual's<br>primary place of residence as a zone project. An exemption granted under this<br>subsection may not extend beyond five taxable years following the date of<br>acquisition or completion of rehabilitation.2.A municipality may grant a partial or complete exemption from ad valorem taxation<br>on buildings, structures, fixtures, and improvements purchased or rehabilitated as a<br>zone project for any business or investment purpose.The state board ofequalization may grant a partial or complete exemption from ad valorem taxation on<br>public utility infrastructure rehabilitated as a zone project. An exemption under this<br>subsection may not extend beyond five taxable years following the date of purchase<br>or completion of rehabilitation.40-63-06. Historic preservation and renovation tax credit. A credit against state taxliability as determined under sections 57-35.3-03, 57-38-30, and 57-38-30.3 is allowed for<br>investments in the historic preservation or renovation of property within the renaissance zone.<br>The amount of the credit is twenty-five percent of the amount invested, up to a maximum of two<br>hundred fifty thousand dollars. The credit may be claimed in the year in which the preservation<br>or renovation is completed. Any excess credit may be carried forward for a period of up to five<br>taxable years.40-63-07. Renaissance fund organization - Exemption from taxation.1.Each city with a designated renaissance zone may establish a renaissance fund<br>organization, if the detailed plan for such an organization is clearly established in the<br>development plan and approved with the plan, or is submitted at a later date to the<br>department of commerce division of community services for approval after the<br>designation of a renaissance zone.2.The purpose of a renaissance fund organization is solely to raise funds to be used to<br>make investments in zone projects and to make investments in designated<br>renaissance zone cities. A renaissance fund organization may provide financing to<br>projects undertaken by individuals, partnerships, limited partnerships, limited liability<br>companies, trusts, corporations, nonprofit organizations, and public entities. The<br>financing may include any combination of equity investments, loans, guarantees,<br>and commitments for financing.The amount of financing is not limited by thischapter.3.A renaissance fund organization is exempt from any tax imposed by chapter 57-35.3<br>or 57-38.An exemption under this section may be passed through to anyshareholder, partner, and owner if the renaissance fund organization is a<br>passthrough entity for tax purposes. A corporation or financial institution entitled to<br>the exemption provided by this subsection shall file required returns and report<br>income to the tax commissioner as required by the provisions of those chapters as if<br>the exemption did not exist. If an employer, this subsection does not exempt a<br>renaissance fund organization from complying with the income tax withholding laws.Page No. 54.A credit against state tax liability as determined under section 57-35.3-03, 57-38-30,<br>or 57-38-30.3 is allowed for investments in a renaissance fund organization. The<br>amount of the credit is fifty percent of the amount invested in the renaissance fund<br>organization during the taxable year.Any amount of credit which exceeds ataxpayer's tax liability for the taxable year may be carried forward for up to five<br>taxable years after the taxable year in which the investment was made.5.The total amount of credits allowed under this section may not exceed, in the<br>aggregate, seven million five hundred thousand dollars for investments in<br>renaissance fund organizations. A renaissance fund organization that has received<br>investments that qualify for these additional credits under this subsection may not<br>use more than fifty percent of such investments for organization investments outside<br>of a renaissance zone.6.Income to a renaissance fund organization derived from the sale or refinancing of<br>zone properties financed wholly or in part by the organization may be disbursed as<br>annual dividends equal to the income, minus ten percent, derived from all sources<br>and proportional to the investment. In the event of a loss to the fund resulting in a<br>temporary diminishment of the fund below the original principal amount, no annual<br>dividend may be paid until the fund is restored.7.Income to a renaissance fund organization derived from interest or the temporary<br>investment of its funds in certificates of deposit, bonds, treasury bills, or securities<br>may be used for administration.8.If an investment in a renaissance fund organization which is the basis for a credit<br>under this section is redeemed by the investor within ten years of the date it is<br>purchased, the credit provided by this section for the investment must be disallowed,<br>and any credit previously claimed and allowed with respect to the investment must<br>be paid to the tax commissioner with the appropriate return of the taxpayer covering<br>the period in which the redemption occurred. When payments are made to the tax<br>commissioner under this section, the amount collected must be handled in the same<br>manner as if no credit had been allowed.9.A renaissance fund organization shall secure an annual audit of its financial records,<br>prepared by an independent certified public accounting firm in accordance with<br>generally accepted auditing standards. The audit report must include a statement of<br>the percentage of annual investments received by the organization which have been<br>invested by the organization in investments permitted under this chapter, including<br>the use of investments, distinguishing between organization investments made in<br>renaissance zones and outside renaissance zones. A renaissance fund organization<br>shall file a copy of each audit of its financial records under this subsection with the<br>governing body of the city in which it was established, the department of commerce<br>division of community services, and the tax commissioner.The department ofcommerce division of community services shall provide an annual report to the<br>budget section of the legislative management showing the conclusions of audit<br>reports filed under this subsection.40-63-08. Contributions - Use. Repealed by S.L. 2001, ch. 359, <meta property="og:url" content="https://statutes.laws.com/test/" />
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<h2>State Codes and Statutes</h2>
<a href='https://statutes.laws.com/'>Statutes</a> > <a href='https://statutes.laws.com/north-dakota'>North-dakota</a> > <a href='https://statutes.laws.com/north-dakota/t40'>T40</a> > <a href='https://statutes.laws.com/north-dakota/t40/t40c63'>T40c63</a><br><br><a href="https://law.justia.com/codes/north-dakota/2009/t40/pdf/t40c63.pdf">Download pdf</a><br><div id="embed_document" style="width:625px; height:815px; text-align:center;">Loading PDF...</div><script type="text/javascript"> var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t40/pdf/t40c63.pdf'; $(document).ready(function() { var embedwindow = $("#embed_document"); if ($.browser.msie){ embedwindow.html('<embed src="'+pdf_url+'" width="100%" height="100%"></embed>'); } else { embedwindow.html('<iframe style="width:100%; height:100%;" src="https://docs.google.com/gview?url='+window.escape(pdf_url)+'&embedded=true" frameborder="0"></iframe>'); } });</script><br><br><noframes>CHAPTER 40-63RENAISSANCE ZONES40-63-01. Definitions. As used in this chapter:1."Boundary" means the boundary established by vote of the city governing body and<br>approved by the department of commerce division of community services.2."Development plan" means a written plan that addresses the criteria in subsection 1<br>of section 40-63-03 and includes the following:a.A map of the proposed renaissance zone which indicates the geographic<br>boundaries and blocks, a description of the properties and structures on each<br>block, identification of those properties and structures to be targeted for<br>potential zone projects, and a description of the present use and conditions of<br>the targeted properties and structures.b.A description of the existing physical assets, in particular natural or historical<br>assets, of the zone and a plan for the incorporation and enhancement of the<br>assets within the proposed development.c.An outline of goals and objectives and proposed outcomes, including major<br>milestones or benchmarks, by which to gauge success resulting from the<br>designation of the zone.d.A description of the types of projects the city would encourage in the city's<br>targeted properties.e.A description of the promotion, development, and management strategies to<br>maximize investment in the zone.f.A plan for the development, promotion, and use of a renaissance fund<br>organization, if one is desired to be established. If a city is not ready to commit<br>to establishing a renaissance fund organization, the city may indicate in the<br>renaissance zone application the city's desire to submit a plan for approval at a<br>later date.g.Evidence of community support and commitment from residential and business<br>interests.3."Investor" means the individual, partnership, limited partnership, limited liability<br>company, trust, or corporation making an investment in a renaissance fund<br>organization.4."Lease" means the lease of space in a building in a designated renaissance zone by<br>a new business moving into the zone or by an existing zone business expanding in<br>the zone, and the continuation of a lease of an existing zone tenant in a building<br>rehabilitated as an approved zone project. For existing zone tenants expanding in<br>the zone, the term does not include existing leased space.5."Local zone authority" means the city or the entity designated by the city to promote,<br>develop, and manage the zone and may include any nonprofit incorporated entity<br>suchasaneconomicdevelopmentcorporation,communitydevelopmentcorporation, main street organization, or chamber of commerce.6."Original principal amount" means the funds invested in a renaissance fund<br>organization after designation of the renaissance zone and before the sunset of that<br>zone.Page No. 17."Rehabilitation", as used in sections 40-63-04 and 40-63-05, means the repair or<br>remodeling of a building or public utility infrastructure at a cost that is equal to or<br>exceeds fifty percent of the current true and full value for commercial buildings or<br>public utility infrastructure and twenty percent for single-family homes.8."Taxpayer" means an individual, corporation, financial institution, or trust subject to<br>the taxes imposed by chapter 57-35.3 or 57-38 and includes a partnership,<br>subchapter S corporation, limited partnership, limited liability company, or any other<br>passthrough entity.9."Zone" means a renaissance zone proposed by a city and designated by the<br>department of commerce division of community services.10."Zone project" means the purchase, lease, rehabilitation, or historical preservation or<br>renovation of a building or space in a building approved for zone incentives by a<br>majority vote of the city governing body or zone authority.40-63-02. Eligibility - Local zone authority designation. Any incorporated city mayapply to the department of commerce division of community services to designate a portion of<br>the city as a renaissance zone. Any individual, partnership, limited partnership, limited liability<br>company, trust, or corporation may apply for a tax credit or exemption under sections 40-63-04<br>through 40-63-07.The governing body of a city may designate a local zone authority toimplement a development plan on behalf of the city.40-63-03. Renaissance zones.1.A city may apply to the department of commerce division of community services to<br>designate a portion of that city as a renaissance zone if the following criteria are met:a.The geographic area proposed for the renaissance zone is located wholly within<br>the boundaries of the city submitting the application.b.The application includes a development plan.c.The proposed renaissance zone is not more than twenty-three square blocks,<br>except in a city with a population of greater than five thousand the renaissance<br>zone may exceed twenty-three square blocks at the rate of one additional block<br>for each additional five thousand population to a maximum size of thirty-eight<br>blocks. Population is based upon the most recent federal decennial census.If a city finds that renaissance zone projects have satisfactorilycompleted one or more blocks within the renaissance zone, the city may apply<br>for and the department of commerce division of community services may<br>approve withdrawal of those blocks from the renaissance zone and<br>replacement of those blocks with other blocks that otherwise meet the<br>requirements of this chapter.d.Except as provided under subdivision g, the proposed renaissance zone has a<br>continuous boundary and all blocks are contiguous.e.The proposed land usage includes both commercial and residential property.f.The application includes the proposed duration of renaissance zone status, not<br>to exceed fifteen years.Upon application by the city, the department ofcommerce division of community services may extend the duration of<br>renaissance zone status in increments of up to five years.Page No. 2g.The proposed renaissance zone may have a single exception to the continuous<br>boundary and contiguous block requirements under subdivision d if the area of<br>the excepted noncontiguous blocks does not exceed three square blocks.2.The department of commerce division of community services shall:a.Review all applications for renaissance zone designation against the criteria<br>established in this section and designate zones.b.Approve or reject the duration of renaissance zone status as submitted in an<br>application.c.Approve or reject the geographic boundaries and total area of the renaissance<br>zone as submitted in an application.d.Promote the renaissance zone program.e.Monitor the progress of the designated renaissance zones against submitted<br>plans in an annual plan review.f.Report on renaissance zone progress to the governor and the legislative<br>management on an annual basis until all designated zones expire.3.The department of commerce division of community services shall consider the<br>following criteria in designating a renaissance zone:a.The viability of the development plan.b.The incorporation and enhancement of unique natural and historic features into<br>the development plan.c.Whether the development plan is creative and innovative in comparison to<br>other applications.d.Public and private commitment to and other resources available for the<br>proposed renaissance zone, including the provisions for a renaissance fund<br>organization.e.How renaissance zone designation would relate to a broader plan for the<br>community as a whole.f.How the local regulatory burden, in particular that burden associated with the<br>renovation of historic properties and that burden associated with mixed use<br>development, will be eased for developers and investors in the renaissance<br>zone.g.The strategies for the promotion, development, and management of the zone,<br>including the use of a local zone authority if designated.h.Any other information required by the office.4.The department of commerce division of community services may not designate a<br>portion of a city as a renaissance zone unless, as a part of the application, the city<br>provides a resolution from the governing body of the city that states if the<br>renaissance zone designation is granted, persons and property within the<br>renaissance zone are exempt from taxes as provided in sections 40-63-04 through<br>40-63-07.5.A city may not propose or be part of more than one renaissance zone.Page No. 36.A parcel of property may be exempted from property taxes under section 40-63-05<br>only once, but during the five taxable years of eligibility for that exemption, the<br>property tax exemption transfers with the transfer of the property to a qualifying user.<br>The ownership or lease of, or investment in, a parcel of property may qualify for<br>exemption or credit under section 40-63-04 only once, but during the five taxable<br>years of eligibility for that exemption or credit, the exemption or credit under section<br>40-63-04 transfers with the transfer of the property to a qualified user and with<br>respect to the year in which the transfer is made must be prorated for use of the<br>property during that year.7.A city may apply to the department of commerce division of community services at<br>any time during the duration of a zone to expand a previously approved renaissance<br>zone that is less than the maximum size allowed under subdivision c of<br>subsection 1. If the expansion is approved by the department of commerce division<br>of community services, the blocks in the expansion are eligible for up to fifteen years<br>of renaissance zone status.8.The use of grant funds as the sole source of investment in the purchase of a building<br>or space in a building does not qualify a taxpayer for any tax exemption or credit<br>available under the chapter, and grant funds may not be counted in determining if<br>the cost of rehabilitation meets or exceeds the current true and full value of the<br>building.9.If a portion of an approved renaissance zone is not progressing, the city may request<br>the department of commerce division of community services to permit deleting that<br>portion and to make an adjustment of the boundaries to add another equal,<br>contiguous area to the original zone.40-63-04. Income tax exemptions.1.An individual taxpayer who purchases or rehabilitates single-family residential<br>property for the individual's primary place of residence as a zone project is exempt<br>from up to ten thousand dollars of personal income tax liability as determined under<br>section 57-38-30.3 for five taxable years beginning with the date of occupancy or<br>completion of rehabilitation.2.Anytaxpayerthatpurchases,leases,rehabilitates,ormakesleaseholdimprovements to residential, public utility infrastructure, or commercial property for<br>any business or investment purpose as a zone project is exempt from any tax on<br>income derived from the business or investment locations within the zone for five<br>taxable years, beginning with the date of purchase, lease, or completion of<br>rehabilitation.3.If the cost of a new business purchase, leasehold improvement, or expansion of an<br>existing business, approved as a zone project, exceeds seventy-five thousand<br>dollars, and the business is located in a city with a population of not more than two<br>thousand five hundred, an individual taxpayer may, in lieu of the exemption provided<br>in subsection 2, elect to take an income tax exemption of up to two thousand dollars<br>of personal income tax liability as determined under section 57-38-30.3.Theelection must be made on the taxpayer's zone project application. The election is<br>irrevocable and binding for the duration of the exemptions provided in subsection 2<br>or this subsection.If no election is made on the zone project application, thetaxpayer is only eligible for the exemption provided in subsection 2.4.If a property owner not participating in a renaissance zone project is required to<br>make changes in utility services or in a building structure because of changes made<br>to property that is part of a zone project, the owner of the nonparticipating property is<br>entitled to state income tax credits equal to the total amount of the investment<br>necessary to complete the required changes. The credit must be approved by thePage No. 4local renaissance zone authority. The credit must be claimed in the taxable year in<br>which the related project was completed. The credit may not exceed the taxpayer's<br>tax liability, and an unused credit may be carried forward up to five taxable years.5.The exemptions provided by this section do not eliminate any duty to file a return or<br>to report income as required under chapter 57-35.3 or 57-38.40-63-05. Property tax exemptions.1.A municipality may grant a partial or complete exemption from ad valorem taxation<br>on single-family residential property, exclusive of the land on which it is situated, if<br>the property was purchased or rehabilitated by an individual for the individual's<br>primary place of residence as a zone project. An exemption granted under this<br>subsection may not extend beyond five taxable years following the date of<br>acquisition or completion of rehabilitation.2.A municipality may grant a partial or complete exemption from ad valorem taxation<br>on buildings, structures, fixtures, and improvements purchased or rehabilitated as a<br>zone project for any business or investment purpose.The state board ofequalization may grant a partial or complete exemption from ad valorem taxation on<br>public utility infrastructure rehabilitated as a zone project. An exemption under this<br>subsection may not extend beyond five taxable years following the date of purchase<br>or completion of rehabilitation.40-63-06. Historic preservation and renovation tax credit. A credit against state taxliability as determined under sections 57-35.3-03, 57-38-30, and 57-38-30.3 is allowed for<br>investments in the historic preservation or renovation of property within the renaissance zone.<br>The amount of the credit is twenty-five percent of the amount invested, up to a maximum of two<br>hundred fifty thousand dollars. The credit may be claimed in the year in which the preservation<br>or renovation is completed. Any excess credit may be carried forward for a period of up to five<br>taxable years.40-63-07. Renaissance fund organization - Exemption from taxation.1.Each city with a designated renaissance zone may establish a renaissance fund<br>organization, if the detailed plan for such an organization is clearly established in the<br>development plan and approved with the plan, or is submitted at a later date to the<br>department of commerce division of community services for approval after the<br>designation of a renaissance zone.2.The purpose of a renaissance fund organization is solely to raise funds to be used to<br>make investments in zone projects and to make investments in designated<br>renaissance zone cities. A renaissance fund organization may provide financing to<br>projects undertaken by individuals, partnerships, limited partnerships, limited liability<br>companies, trusts, corporations, nonprofit organizations, and public entities. The<br>financing may include any combination of equity investments, loans, guarantees,<br>and commitments for financing.The amount of financing is not limited by thischapter.3.A renaissance fund organization is exempt from any tax imposed by chapter 57-35.3<br>or 57-38.An exemption under this section may be passed through to anyshareholder, partner, and owner if the renaissance fund organization is a<br>passthrough entity for tax purposes. A corporation or financial institution entitled to<br>the exemption provided by this subsection shall file required returns and report<br>income to the tax commissioner as required by the provisions of those chapters as if<br>the exemption did not exist. If an employer, this subsection does not exempt a<br>renaissance fund organization from complying with the income tax withholding laws.Page No. 54.A credit against state tax liability as determined under section 57-35.3-03, 57-38-30,<br>or 57-38-30.3 is allowed for investments in a renaissance fund organization. The<br>amount of the credit is fifty percent of the amount invested in the renaissance fund<br>organization during the taxable year.Any amount of credit which exceeds ataxpayer's tax liability for the taxable year may be carried forward for up to five<br>taxable years after the taxable year in which the investment was made.5.The total amount of credits allowed under this section may not exceed, in the<br>aggregate, seven million five hundred thousand dollars for investments in<br>renaissance fund organizations. A renaissance fund organization that has received<br>investments that qualify for these additional credits under this subsection may not<br>use more than fifty percent of such investments for organization investments outside<br>of a renaissance zone.6.Income to a renaissance fund organization derived from the sale or refinancing of<br>zone properties financed wholly or in part by the organization may be disbursed as<br>annual dividends equal to the income, minus ten percent, derived from all sources<br>and proportional to the investment. In the event of a loss to the fund resulting in a<br>temporary diminishment of the fund below the original principal amount, no annual<br>dividend may be paid until the fund is restored.7.Income to a renaissance fund organization derived from interest or the temporary<br>investment of its funds in certificates of deposit, bonds, treasury bills, or securities<br>may be used for administration.8.If an investment in a renaissance fund organization which is the basis for a credit<br>under this section is redeemed by the investor within ten years of the date it is<br>purchased, the credit provided by this section for the investment must be disallowed,<br>and any credit previously claimed and allowed with respect to the investment must<br>be paid to the tax commissioner with the appropriate return of the taxpayer covering<br>the period in which the redemption occurred. When payments are made to the tax<br>commissioner under this section, the amount collected must be handled in the same<br>manner as if no credit had been allowed.9.A renaissance fund organization shall secure an annual audit of its financial records,<br>prepared by an independent certified public accounting firm in accordance with<br>generally accepted auditing standards. The audit report must include a statement of<br>the percentage of annual investments received by the organization which have been<br>invested by the organization in investments permitted under this chapter, including<br>the use of investments, distinguishing between organization investments made in<br>renaissance zones and outside renaissance zones. A renaissance fund organization<br>shall file a copy of each audit of its financial records under this subsection with the<br>governing body of the city in which it was established, the department of commerce<br>division of community services, and the tax commissioner.The department ofcommerce division of community services shall provide an annual report to the<br>budget section of the legislative management showing the conclusions of audit<br>reports filed under this subsection.40-63-08. Contributions - Use. 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<h2>State Codes and Statutes</h2>
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<h2>State Codes and Statutes</h2>
<a href='https://statutes.laws.com/'>Statutes</a> > <a href='https://statutes.laws.com/north-dakota'>North-dakota</a> > <a href='https://statutes.laws.com/north-dakota/t40'>T40</a> > <a href='https://statutes.laws.com/north-dakota/t40/t40c63'>T40c63</a><br><br><a href="https://law.justia.com/codes/north-dakota/2009/t40/pdf/t40c63.pdf">Download pdf</a><br><div id="embed_document" style="width:625px; height:815px; text-align:center;">Loading PDF...</div><script type="text/javascript"> var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t40/pdf/t40c63.pdf'; $(document).ready(function() { var embedwindow = $("#embed_document"); if ($.browser.msie){ embedwindow.html('<embed src="'+pdf_url+'" width="100%" height="100%"></embed>'); } else { embedwindow.html('<iframe style="width:100%; height:100%;" src="https://docs.google.com/gview?url='+window.escape(pdf_url)+'&embedded=true" frameborder="0"></iframe>'); } });</script><br><br><noframes>CHAPTER 40-63RENAISSANCE ZONES40-63-01. Definitions. As used in this chapter:1."Boundary" means the boundary established by vote of the city governing body and<br>approved by the department of commerce division of community services.2."Development plan" means a written plan that addresses the criteria in subsection 1<br>of section 40-63-03 and includes the following:a.A map of the proposed renaissance zone which indicates the geographic<br>boundaries and blocks, a description of the properties and structures on each<br>block, identification of those properties and structures to be targeted for<br>potential zone projects, and a description of the present use and conditions of<br>the targeted properties and structures.b.A description of the existing physical assets, in particular natural or historical<br>assets, of the zone and a plan for the incorporation and enhancement of the<br>assets within the proposed development.c.An outline of goals and objectives and proposed outcomes, including major<br>milestones or benchmarks, by which to gauge success resulting from the<br>designation of the zone.d.A description of the types of projects the city would encourage in the city's<br>targeted properties.e.A description of the promotion, development, and management strategies to<br>maximize investment in the zone.f.A plan for the development, promotion, and use of a renaissance fund<br>organization, if one is desired to be established. If a city is not ready to commit<br>to establishing a renaissance fund organization, the city may indicate in the<br>renaissance zone application the city's desire to submit a plan for approval at a<br>later date.g.Evidence of community support and commitment from residential and business<br>interests.3."Investor" means the individual, partnership, limited partnership, limited liability<br>company, trust, or corporation making an investment in a renaissance fund<br>organization.4."Lease" means the lease of space in a building in a designated renaissance zone by<br>a new business moving into the zone or by an existing zone business expanding in<br>the zone, and the continuation of a lease of an existing zone tenant in a building<br>rehabilitated as an approved zone project. For existing zone tenants expanding in<br>the zone, the term does not include existing leased space.5."Local zone authority" means the city or the entity designated by the city to promote,<br>develop, and manage the zone and may include any nonprofit incorporated entity<br>suchasaneconomicdevelopmentcorporation,communitydevelopmentcorporation, main street organization, or chamber of commerce.6."Original principal amount" means the funds invested in a renaissance fund<br>organization after designation of the renaissance zone and before the sunset of that<br>zone.Page No. 17."Rehabilitation", as used in sections 40-63-04 and 40-63-05, means the repair or<br>remodeling of a building or public utility infrastructure at a cost that is equal to or<br>exceeds fifty percent of the current true and full value for commercial buildings or<br>public utility infrastructure and twenty percent for single-family homes.8."Taxpayer" means an individual, corporation, financial institution, or trust subject to<br>the taxes imposed by chapter 57-35.3 or 57-38 and includes a partnership,<br>subchapter S corporation, limited partnership, limited liability company, or any other<br>passthrough entity.9."Zone" means a renaissance zone proposed by a city and designated by the<br>department of commerce division of community services.10."Zone project" means the purchase, lease, rehabilitation, or historical preservation or<br>renovation of a building or space in a building approved for zone incentives by a<br>majority vote of the city governing body or zone authority.40-63-02. Eligibility - Local zone authority designation. Any incorporated city mayapply to the department of commerce division of community services to designate a portion of<br>the city as a renaissance zone. Any individual, partnership, limited partnership, limited liability<br>company, trust, or corporation may apply for a tax credit or exemption under sections 40-63-04<br>through 40-63-07.The governing body of a city may designate a local zone authority toimplement a development plan on behalf of the city.40-63-03. Renaissance zones.1.A city may apply to the department of commerce division of community services to<br>designate a portion of that city as a renaissance zone if the following criteria are met:a.The geographic area proposed for the renaissance zone is located wholly within<br>the boundaries of the city submitting the application.b.The application includes a development plan.c.The proposed renaissance zone is not more than twenty-three square blocks,<br>except in a city with a population of greater than five thousand the renaissance<br>zone may exceed twenty-three square blocks at the rate of one additional block<br>for each additional five thousand population to a maximum size of thirty-eight<br>blocks. Population is based upon the most recent federal decennial census.If a city finds that renaissance zone projects have satisfactorilycompleted one or more blocks within the renaissance zone, the city may apply<br>for and the department of commerce division of community services may<br>approve withdrawal of those blocks from the renaissance zone and<br>replacement of those blocks with other blocks that otherwise meet the<br>requirements of this chapter.d.Except as provided under subdivision g, the proposed renaissance zone has a<br>continuous boundary and all blocks are contiguous.e.The proposed land usage includes both commercial and residential property.f.The application includes the proposed duration of renaissance zone status, not<br>to exceed fifteen years.Upon application by the city, the department ofcommerce division of community services may extend the duration of<br>renaissance zone status in increments of up to five years.Page No. 2g.The proposed renaissance zone may have a single exception to the continuous<br>boundary and contiguous block requirements under subdivision d if the area of<br>the excepted noncontiguous blocks does not exceed three square blocks.2.The department of commerce division of community services shall:a.Review all applications for renaissance zone designation against the criteria<br>established in this section and designate zones.b.Approve or reject the duration of renaissance zone status as submitted in an<br>application.c.Approve or reject the geographic boundaries and total area of the renaissance<br>zone as submitted in an application.d.Promote the renaissance zone program.e.Monitor the progress of the designated renaissance zones against submitted<br>plans in an annual plan review.f.Report on renaissance zone progress to the governor and the legislative<br>management on an annual basis until all designated zones expire.3.The department of commerce division of community services shall consider the<br>following criteria in designating a renaissance zone:a.The viability of the development plan.b.The incorporation and enhancement of unique natural and historic features into<br>the development plan.c.Whether the development plan is creative and innovative in comparison to<br>other applications.d.Public and private commitment to and other resources available for the<br>proposed renaissance zone, including the provisions for a renaissance fund<br>organization.e.How renaissance zone designation would relate to a broader plan for the<br>community as a whole.f.How the local regulatory burden, in particular that burden associated with the<br>renovation of historic properties and that burden associated with mixed use<br>development, will be eased for developers and investors in the renaissance<br>zone.g.The strategies for the promotion, development, and management of the zone,<br>including the use of a local zone authority if designated.h.Any other information required by the office.4.The department of commerce division of community services may not designate a<br>portion of a city as a renaissance zone unless, as a part of the application, the city<br>provides a resolution from the governing body of the city that states if the<br>renaissance zone designation is granted, persons and property within the<br>renaissance zone are exempt from taxes as provided in sections 40-63-04 through<br>40-63-07.5.A city may not propose or be part of more than one renaissance zone.Page No. 36.A parcel of property may be exempted from property taxes under section 40-63-05<br>only once, but during the five taxable years of eligibility for that exemption, the<br>property tax exemption transfers with the transfer of the property to a qualifying user.<br>The ownership or lease of, or investment in, a parcel of property may qualify for<br>exemption or credit under section 40-63-04 only once, but during the five taxable<br>years of eligibility for that exemption or credit, the exemption or credit under section<br>40-63-04 transfers with the transfer of the property to a qualified user and with<br>respect to the year in which the transfer is made must be prorated for use of the<br>property during that year.7.A city may apply to the department of commerce division of community services at<br>any time during the duration of a zone to expand a previously approved renaissance<br>zone that is less than the maximum size allowed under subdivision c of<br>subsection 1. If the expansion is approved by the department of commerce division<br>of community services, the blocks in the expansion are eligible for up to fifteen years<br>of renaissance zone status.8.The use of grant funds as the sole source of investment in the purchase of a building<br>or space in a building does not qualify a taxpayer for any tax exemption or credit<br>available under the chapter, and grant funds may not be counted in determining if<br>the cost of rehabilitation meets or exceeds the current true and full value of the<br>building.9.If a portion of an approved renaissance zone is not progressing, the city may request<br>the department of commerce division of community services to permit deleting that<br>portion and to make an adjustment of the boundaries to add another equal,<br>contiguous area to the original zone.40-63-04. Income tax exemptions.1.An individual taxpayer who purchases or rehabilitates single-family residential<br>property for the individual's primary place of residence as a zone project is exempt<br>from up to ten thousand dollars of personal income tax liability as determined under<br>section 57-38-30.3 for five taxable years beginning with the date of occupancy or<br>completion of rehabilitation.2.Anytaxpayerthatpurchases,leases,rehabilitates,ormakesleaseholdimprovements to residential, public utility infrastructure, or commercial property for<br>any business or investment purpose as a zone project is exempt from any tax on<br>income derived from the business or investment locations within the zone for five<br>taxable years, beginning with the date of purchase, lease, or completion of<br>rehabilitation.3.If the cost of a new business purchase, leasehold improvement, or expansion of an<br>existing business, approved as a zone project, exceeds seventy-five thousand<br>dollars, and the business is located in a city with a population of not more than two<br>thousand five hundred, an individual taxpayer may, in lieu of the exemption provided<br>in subsection 2, elect to take an income tax exemption of up to two thousand dollars<br>of personal income tax liability as determined under section 57-38-30.3.Theelection must be made on the taxpayer's zone project application. The election is<br>irrevocable and binding for the duration of the exemptions provided in subsection 2<br>or this subsection.If no election is made on the zone project application, thetaxpayer is only eligible for the exemption provided in subsection 2.4.If a property owner not participating in a renaissance zone project is required to<br>make changes in utility services or in a building structure because of changes made<br>to property that is part of a zone project, the owner of the nonparticipating property is<br>entitled to state income tax credits equal to the total amount of the investment<br>necessary to complete the required changes. The credit must be approved by thePage No. 4local renaissance zone authority. The credit must be claimed in the taxable year in<br>which the related project was completed. The credit may not exceed the taxpayer's<br>tax liability, and an unused credit may be carried forward up to five taxable years.5.The exemptions provided by this section do not eliminate any duty to file a return or<br>to report income as required under chapter 57-35.3 or 57-38.40-63-05. Property tax exemptions.1.A municipality may grant a partial or complete exemption from ad valorem taxation<br>on single-family residential property, exclusive of the land on which it is situated, if<br>the property was purchased or rehabilitated by an individual for the individual's<br>primary place of residence as a zone project. An exemption granted under this<br>subsection may not extend beyond five taxable years following the date of<br>acquisition or completion of rehabilitation.2.A municipality may grant a partial or complete exemption from ad valorem taxation<br>on buildings, structures, fixtures, and improvements purchased or rehabilitated as a<br>zone project for any business or investment purpose.The state board ofequalization may grant a partial or complete exemption from ad valorem taxation on<br>public utility infrastructure rehabilitated as a zone project. An exemption under this<br>subsection may not extend beyond five taxable years following the date of purchase<br>or completion of rehabilitation.40-63-06. Historic preservation and renovation tax credit. A credit against state taxliability as determined under sections 57-35.3-03, 57-38-30, and 57-38-30.3 is allowed for<br>investments in the historic preservation or renovation of property within the renaissance zone.<br>The amount of the credit is twenty-five percent of the amount invested, up to a maximum of two<br>hundred fifty thousand dollars. The credit may be claimed in the year in which the preservation<br>or renovation is completed. Any excess credit may be carried forward for a period of up to five<br>taxable years.40-63-07. Renaissance fund organization - Exemption from taxation.1.Each city with a designated renaissance zone may establish a renaissance fund<br>organization, if the detailed plan for such an organization is clearly established in the<br>development plan and approved with the plan, or is submitted at a later date to the<br>department of commerce division of community services for approval after the<br>designation of a renaissance zone.2.The purpose of a renaissance fund organization is solely to raise funds to be used to<br>make investments in zone projects and to make investments in designated<br>renaissance zone cities. A renaissance fund organization may provide financing to<br>projects undertaken by individuals, partnerships, limited partnerships, limited liability<br>companies, trusts, corporations, nonprofit organizations, and public entities. The<br>financing may include any combination of equity investments, loans, guarantees,<br>and commitments for financing.The amount of financing is not limited by thischapter.3.A renaissance fund organization is exempt from any tax imposed by chapter 57-35.3<br>or 57-38.An exemption under this section may be passed through to anyshareholder, partner, and owner if the renaissance fund organization is a<br>passthrough entity for tax purposes. A corporation or financial institution entitled to<br>the exemption provided by this subsection shall file required returns and report<br>income to the tax commissioner as required by the provisions of those chapters as if<br>the exemption did not exist. If an employer, this subsection does not exempt a<br>renaissance fund organization from complying with the income tax withholding laws.Page No. 54.A credit against state tax liability as determined under section 57-35.3-03, 57-38-30,<br>or 57-38-30.3 is allowed for investments in a renaissance fund organization. The<br>amount of the credit is fifty percent of the amount invested in the renaissance fund<br>organization during the taxable year.Any amount of credit which exceeds ataxpayer's tax liability for the taxable year may be carried forward for up to five<br>taxable years after the taxable year in which the investment was made.5.The total amount of credits allowed under this section may not exceed, in the<br>aggregate, seven million five hundred thousand dollars for investments in<br>renaissance fund organizations. A renaissance fund organization that has received<br>investments that qualify for these additional credits under this subsection may not<br>use more than fifty percent of such investments for organization investments outside<br>of a renaissance zone.6.Income to a renaissance fund organization derived from the sale or refinancing of<br>zone properties financed wholly or in part by the organization may be disbursed as<br>annual dividends equal to the income, minus ten percent, derived from all sources<br>and proportional to the investment. In the event of a loss to the fund resulting in a<br>temporary diminishment of the fund below the original principal amount, no annual<br>dividend may be paid until the fund is restored.7.Income to a renaissance fund organization derived from interest or the temporary<br>investment of its funds in certificates of deposit, bonds, treasury bills, or securities<br>may be used for administration.8.If an investment in a renaissance fund organization which is the basis for a credit<br>under this section is redeemed by the investor within ten years of the date it is<br>purchased, the credit provided by this section for the investment must be disallowed,<br>and any credit previously claimed and allowed with respect to the investment must<br>be paid to the tax commissioner with the appropriate return of the taxpayer covering<br>the period in which the redemption occurred. When payments are made to the tax<br>commissioner under this section, the amount collected must be handled in the same<br>manner as if no credit had been allowed.9.A renaissance fund organization shall secure an annual audit of its financial records,<br>prepared by an independent certified public accounting firm in accordance with<br>generally accepted auditing standards. The audit report must include a statement of<br>the percentage of annual investments received by the organization which have been<br>invested by the organization in investments permitted under this chapter, including<br>the use of investments, distinguishing between organization investments made in<br>renaissance zones and outside renaissance zones. A renaissance fund organization<br>shall file a copy of each audit of its financial records under this subsection with the<br>governing body of the city in which it was established, the department of commerce<br>division of community services, and the tax commissioner.The department ofcommerce division of community services shall provide an annual report to the<br>budget section of the legislative management showing the conclusions of audit<br>reports filed under this subsection.40-63-08. Contributions - Use. Repealed by S.L. 2001, ch. 359, <!-- END .shortcode-content -->
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