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ND HB1176
Bill
Status
4/27/2015
Primary Sponsor
Keith Kempenich
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AI Summary
HB 1176 Summary
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Modifies the strategic investment and improvements fund to automatically transfer 25% of monthly revenues to the legacy fund when the fund balance exceeds $300 million.
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Revises oil and gas gross production tax allocation formulas effective after June 30, 2015, changing county allocation percentages from 25% to 30% of revenues exceeding $5 million and restructuring hub city distributions.
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Appropriates $112 million to the Department of Transportation for distributions to 43 non-oil-producing counties based on major collector roadway miles and infrastructure needs for the 2015-17 biennium.
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Appropriates $139.3 million from the oil and gas impact grant fund for grants to airports, schools, law enforcement, hospitals, emergency services, and other entities impacted by oil and gas development.
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Directs the legislative management to study oil and gas tax revenue allocation formulas and report findings and recommendations to the 65th legislative assembly.
Legislative Description
The unobligated balance of the strategic investment and improvements fund and oil and gas gross production tax definitions and allocations; to provide appropriations; to provide exemptions; to provide for reports to the budget section; to provide for a legislative management study; and to provide an effective date.
Last Action
Signed by Governor 04/27
4/27/2015