BIA Advocacy Update

Fargo Economic Development Incentive Committee Meeting

City of Fargo is looking at updating their economic incentive policies for core neighborhoods.

Currently, there is a property tax incentive for apartment redevelopment projects. This is at 100% for years 1-5 and then at 50% for years 6-10. It includes documenting extraordinary costs and providing a “but for” test. Due to the cumbersome process, the committee is looking at a change of going to an incentive for 7 years at 100% and removing the requirement of documenting extraordinary costs.

The committee meeting is at 1 p.m. on Tuesday, July 22 at the City Commission Chambers, Fargo City Hall.

Click here for the agenda packet. 

City of Horace Land Use Ordinance

The Horace Planning and Zoning commission will be looking at amendments to the 17/76, Urban and Old Town zoning districts. Amendments are looking at reducing buildings from a current maximum of 4 stories at 45 ft to 2 stories at 35 ft.

The meeting is at 6 p.m. Tuesday, July 22.

Horace Meeting House – 7951 Jacks Way #116, Horace.

Click here for the agenda packet.

News from NAHB: No Tax on Overtime

Retroactive to the beginning of 2025, no tax on overtime establishes a new tax deduction for qualified employees. This deduction is temporary, expiring after 2028.

Eligible employees may deduct up to $12,500 in qualified overtime pay as a single filer or $25,000 as a joint filer. The deduction phases out for taxpayers with income exceeding $150,000 ($300,000 in the case of a joint return).

The deduction only applies to wages paid in excess of the employee’s normal wage rate. In other words, an employee who earns $20 per hour normally, but $30 an hour with overtime, is able to deduct $10 per hour in overtime pay.

Not all overtime is eligible for the deduction. The additional wages must be paid as required by Section 7 of the Fair Labor Standards Act of 1938 (FLSA), which essentially applies to employees working more than 40 hours per week. Overtime paid under contractual agreements or state law does not qualify unless it also satisfies the FLSA's definition of overtime. In addition, overtime wages remain subject to payroll taxes such as Social Security and Medicare.

*NAHB provides this information for general information only. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice or professional consulting of any kind nor should it be construed as such.

Click here to read more.