North Dakota Senate approves reworked oil tax measureBISMARCK, N.D. (AP) — North Dakota's Senate has unanimously approved a measure aimed at restructuring oil taxes.
BISMARCK, N.D. (AP) — North Dakota's Senate has unanimously approved a measure aimed at restructuring oil taxes.
The Senate approved the amended House bill 46-0 on Friday. The bill now goes back to the House for consideration.
The bill would close the so-called stripper well loophole that's costing the state millions of dollars in lost revenue annually. And unlike past proposals it does not offer overall tax cuts for drillers in exchange for closing the stripper well loophole.
Stripper wells are exempt from the state's 6.5 percent extraction tax, but not a 5 percent production tax. Attempts to close the loophole have failed in the past three legislative sessions.
The measure also would give the Three Affiliated Tribes a greater share of the taxes collected from oil production on the Fort Berthold Reservation.