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ND SB2336

Bill

Official Source

Status

Introduced

1/21/2019

Primary Sponsor

Merrill Piepkorn

Click for details

Origin

Senate

66th Legislative Assembly

AI Summary

  • Changes the base oil extraction tax rate from 5 percent to 5.5 percent of the gross value at the well of oil extracted
  • Increases the elevated tax rate from 5 percent to 6 percent when crude oil prices exceed $90 per barrel for three consecutive months
  • Maintains the trigger price adjustment mechanism, indexed annually by December 31st using the producer price index for industrial commodities
  • Defines "average price" as the monthly average of daily closing prices for West Texas Intermediate Cushing crude oil as published in the Wall Street Journal, midwest edition
  • Effective for taxable events occurring after December 31, 2019

Legislative Description

The oil extraction tax rate; and to provide an effective date.

Last Action

Second reading, failed to pass, yeas 10 nays 36

1/30/2019

Committee Referrals

Finance and Taxation1/21/2019

Full Bill Text

No bill text available