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ND SB2337

Bill

Official Source

Status

Engrossed

2/13/2015

Primary Sponsor

David O'Connell

Click for details

Origin

Senate

64th Legislative Assembly

AI Summary

  • Changes oil extraction tax treatment for wells drilled outside the Bakken and Three Forks formations and at least 10 miles from established fields containing those formations from a reduced 2 percent tax rate to a complete tax exemption
  • Exemption applies to oil produced during the first 18 months after well completion
  • Wells qualifying for this exemption are also eligible for the exemption under subsection 3 if that exemption is effective during all or part of the first 24 months after completion
  • Effective for wells drilled and completed after June 30, 2015
  • Expires June 30, 2017, after which the Act becomes ineffective

Legislative Description

An oil extraction tax exemption; to provide an effective date; and to provide an expiration date.

Last Action

Second reading, failed to pass, yeas 3 nays 88

3/26/2015

Committee Referrals

Finance and Taxation2/20/2015
Energy and Natural Resources1/26/2015

Full Bill Text

No bill text available