Oil companies look to North Dakota Legislature for tax breakBISMARCK, N.D. (AP) — Oil companies might be turning to North Dakota lawmakers for a tax break.
BISMARCK, N.D. (AP) — Oil companies might be turning to North Dakota lawmakers for a tax break.
North Dakota Petroleum Council President Ron Ness says that his group, which represents more than 300 companies working in the state's oil patch, may be crafting a "tax restructuring bill" that could be ready within the month. He would not elaborate.
The state has a pair of primary taxes on oil: a 5 percent production tax and a 6.5 percent extraction tax. State law requires that a portion of the production tax go to oil-producing counties, which must share it with cities and school districts within the county.
State Department of Mineral Resources Director Lynn Helms warned lawmakers last week not to raise taxes or some oil companies could move to other parts of the U.S.