Schedule Rz - Booklet - Renaissance Zone Act Exemptions And Tax Credits

he North Dakota Renaissance Zone Act

Where to get help

authorizes a North Dakota city to apply to the state for

If you have questions about the

designation of part of the city as a renaissance zone. The Act provides

tax incentives under the Act or the

income, ﬁ nancial institution, and property tax incentives to individuals

completion of Schedule RZ:

and businesses for making qualiﬁ ed investments in a North Dakota

Call

renaissance zone.

Individuals

701.328.1247

Partnerships,

701.328.1248

Division of Community Services

S corporations

The North Dakota Commerce Department’s Division of Community Services is

trusts, and estates

responsible for administering the Act’s provisions governing the establishment and

C corporations and

operation of a zone, and the review and approval of zone projects. For more information,

ﬁ nancial institutions

701.328.1249

including which cities have a state-approved renaissance zone, go to the Division of

Community Services’ web site at , or call 701.328.5300.

Speech or hearing impaired—call Relay

North Dakota at 1.800.366.6888

E-mail

2011 Legislative

date (or extended due date). Part 2 of the

Individuals, estates, trusts, partnerships,

Changes

2011 Schedule RZ and its instructions

and S corporations—

have been revised to incorporate the

individualtax@nd.gov

Prior to 2011, an eligible individual

election and the eligibility criteria.

C corporations and ﬁ nancial

could elect to take the business purchase

institutions—

The instructions to Part 2, Business

or expansion income tax credit in lieu

corptax@nd.gov

purchase and expansion tax credit, were

of the business income exclusion, but

also revised to indicate that leasehold

only if the election was made on the

Write

improvements made to real property used

zone project application submitted to the

ND Ofﬁ ce of State Tax Commissioner

in a business are a qualifying transaction

local zone authority. Starting with the

600 E. Boulevard Ave., Dept. 127

for purposes of the elective tax credit.

2011 tax year, the law was changed to

Bismarck, ND 58505-0599

provide that this election is to be made

Other legislative changes created new

Web site

on the taxpayer’s timely ﬁ led original

limitations on the investment activity

income tax return. To make this election,

of a renaissance fund organization.

an eligible individual must complete

For information on these changes, see

Part 2 instead of Part 1 of Schedule RZ,

N.D.C.C. § 40-63-07 or contact the ND

attached Schedule RZ to Form ND-1,

Commerce Department’s Division of

and ﬁ le the return no later than its due

Community Services.

Contents

Renaissance Zone Act ......................................................................................... This page

Where to get help ................................................................................................ This page

General information .......................................................................................................... 1

General and speciﬁ c instructions for:

Part 1: Business or investment income exemption ...................................................... 3

Part 2: Business purchase or expansion tax credit ....................................................... 6

Part 3: Single-family residence tax credit .................................................................... 7

Part 4: Historic property preservation or renovation tax credit ................................... 8

Part 5: Renaissance fund organization investment tax credit ...................................... 9

Part 6: Nonparticipating property owner credit ......................................................... 10

Part 7: Exemption and credit summary ...................................................................... 11

Instructions for calculating the zone apportionment factor ............................................ 11

Schedule Rz - Booklet - Renaissance Zone Act Exemptions And Tax Credits - 2011 Page 2

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