ND SB2129

Amends North Dakota oil and gas gross production tax allocation to require 30% of all revenues be deposited in the state legacy fund after other allocations, with state treasurer authorized to transfer shortfalls from the general fund to ensure the 30% legacy fund deposit is met.

Modifies county-by-county revenue allocation thresholds, restructuring how oil and gas tax revenues are split between counties and the state based on production levels ranging from the first $2 million to amounts exceeding $18 million annually.

Changes reporting requirements from 60 days to 30 days for county commissioners to file fiscal reports with the tax commissioner, and from 60 days to 15 days for the tax commissioner to compile and report information to the legislative council.

Reallocates percentages in the oil extraction tax development fund, reducing legacy fund allocation from 60% to 30%, increasing general fund allocation from 20% to 30%, while maintaining 20% for water development bonds and 20% for common schools trust fund.

Effective for oil and gas produced after June 30, 2011.