HB 1152 Summary

• Modifies oil and gas tax revenue allocation by reducing the tax relief fund allocation from $300 million to $200 million per biennium, effective after June 30, 2017.

• Adds $75 million allocation to the budget stabilization fund before other funds receive distributions, with a cap preventing the fund balance from exceeding the limit in section 54-27.2-01.

• Creates a new lignite research fund allocation of $3 million through a temporary split (80% strategic investment fund, 20% lignite research fund) until the full amount is deposited.

• Reduces the state disaster relief fund cap from $25 million to $20 million unobligated balance and lowers the annual allocation from $22 million to $20 million.

• Directs all additional oil and gas tax revenues into the strategic investment and improvements fund instead of splitting 70-30 between that fund and the political subdivision allocation fund.