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The Peace Garden State is experiencing one of the biggest economic booms in 25 years. While North Dakota is the second-largest hydrocarbon producer in the country, its clean energy initiatives also offer new economic opportunities. Gov. Doug Burgum announced in May 2021 an ambitious goal to help make the state carbon neutral by 2030. Through carbon capture, storage and utilization initiatives like Project Tundra, North Dakota can now turn sustainable initiatives into a thriving industry.
PACE Program: Offers loans as low as 1% for primary-sector businesses to purchase real property, equipment or certain working capital requirements.
Income Tax Exemption: Offers an exemption from state income taxes for up to five years for any primary sector business that adds value to a product, process, or service that produces new wealth in North Dakota.
New Jobs Training Program: Offers grants and loans to help offset the cost of training new employees for business expansions and startups.
CDBG/CDLF: Offers loan and grant funds to assist primary-sector and retail-sector businesses seeking to expand or relocate operations in the state.
Automation Tax Credit: Offers an income tax credit of up to 20% of the purchase cost of machinery and equipment for the purpose of automating a manufacturing process.
The Accelerate ND plan takes a strategic approach to investing federal dollars in the state to support growth, diversifying the economy, enhancing government services and creating long-term cost savings for citizens.