The North Dakota Legislature has approved a small, but important adjustment in state tax law that will help the state’s exporters compete in the world marketplace.
The Trade Office, in collaboration with some of its member export companies, the state Tax Department and the accounting firms of Eide Bailly and Worldwide Trade Partners, supported the tax code change which will allow North Dakota exporters to take advantage of a U.S. government endorsed tax structure called Interest Charge – Domestic International Sales Corporation or IC-DISC.
IC-DISC is a tax structure that allows for U.S. export sales to be taxed at the current dividend rate of 15 percent.
“It was created to help smaller, U.S. export companies compete in the international marketplace where foreign competitors regularly enjoy government subsidies that support their global expansion,” said Mike Seifert, the Trade Office’s Director of Global Resource Management. “We are pleased that North Dakota exporters can use this tool to build on their international business and grow the state’s economy.”
For more information about IC-DISC contact Mike Seifert at (701) 400-9712 or by e-mail at firstname.lastname@example.org.