ND Senator `Disappointed' At Death Of Oil Tax Bill

The backer of a failed attempt to lower tax rates for oil companies says he was trying to close a loophole that still needs addressing.

 

 

 

 

BISMARCK, N.D. (AP) - The backer of a failed attempt to lower tax rates for oil companies says he was trying to close a loophole that still needs addressing.

Senator Dwight Cook chairs the Senate Finance and Taxation Committee and crafted a tax restructuring bill that the House killed Thursday.

It previously had passed the Senate.

The Mandan Republican says he's ``disappointed'' the bill was killed because he was trying to bring tax certainty to the oil industry and the state.

The proposal in part would have cut the exemption for so-called stripper wells that the state Tax Department says is costing North Dakota about $50 million in annual revenue.

Both parties are critical of the exemption but no one has introduced legislation this session aimed at that issue alone.

(Photo Credit:  ND Legislature)

 

AP

   

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