ND Repubs Propose Cutting Oil Tax Rate

North Dakota republican leaders want to revamp the state’s oil tax and cut its top rate from 11.5 percent to 9.5 percent.

 

 

 

 

North Dakota republican leaders want to revamp the state’s oil tax and cut its top rate from 11.5 percent to 9.5 percent.

Tax department estimates say the measure will increase oil tax collections by about $28 million over two years.

The lower rate doesn’t take effect until January 2017, and the 9.5 percent rate will apply only to newly drilled wells.

House Republican Majority Leader Al Carlson of Fargo says the tax overhaul is needed to keep North Dakota’s taxes competitive with those in other oil-producing states:

Democratic legislative leaders say the plan is dead wrong.

They'll continue to insist that oil companies pay their fair share to address the impacts caused by rapid oil development.

Kenton Onstad and Mac Schneider say the state should be fixing rutted roads and preserving the state's quality of life and not cutting taxes for oil companies.

 

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