ND HB1476

Reduces the base oil extraction tax rate from 6.5% to 5% of gross value at the well, effective January 1, 2016.

Eliminates the 4% reduced tax rate for new wells drilled after April 27, 1987, effective November 30, 2015, with existing exemptions expiring January 1, 2016.

Modifies trigger price provisions from a 5-month to a 3-month consecutive period at $90 per barrel to reinstate the 6.5% tax rate, with annual inflation adjustments.

Adds new definitions and classifications for stripper wells, horizontal reentry wells, and secondary/tertiary recovery projects for tax purposes.

Directs the legislative management to study state-tribal tax agreements and revenue allocation for centrally assessed property on tribal trust lands during the 2015-16 interim and report findings to the 65th legislative assembly.