ND Senate passes simplification of oil extraction tax

Bismarck, ND – The North Dakota Senate spends nearly two hours debating whether or not to restructure the state’s oil tax.

After lengthy debate, the bill passed the Senate 34-13.

Democrats say the measure could cost the state billions in lost revenue over time.

Republicans say change will bring certainty to the tax code, something oil companies desire.

The measure cuts the exemption on stripper wells, that is costing the state $50 million a year.

In exchange, the measure lowers the tax on oil taken out of the ground.

KXNet

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