Democrats Applaud Death Of Oil Tax Restructuring

Democrats are applauding the North Dakota House's defeat of a measure that would have lowered tax rates for oil companies, saying that state residents stood to lose billions of dollars had the proposal moved forward.

 

 

 

 

BISMARCK, N.D. (AP) - Democrats are applauding the North Dakota House's defeat of a measure that would have lowered tax rates for oil companies, saying that state residents stood to lose billions of dollars had the proposal moved forward.

In a statement released after the measure died Thursday, the Democrat party said that its members ``hope the House's action is the last gasp of any effort to reduce the extraction tax this session.''

The reworked tax structure would have eliminated price triggers that would lessen state taxes for companies if the price of oil falls below a certain level.

Critics said that the state could see tax revenue decrease by at least $2 billion if oil falls below $52 a barrel.

(KFGO File Photo)

 

AP

   

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