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ND SB2275

Bill

Official Source

Status

Introduced

1/16/2023

Primary Sponsor

Terry Wanzek

Click for details

Origin

Senate

68th Legislative Assembly

AI Summary

  • Amends section 57-51.1-07.5 of the North Dakota Century Code to modify the prioritized deposit order of oil and gas tax revenues each biennium
  • Removes the $400 million allocation to the strategic investment and improvements fund (formerly item 7) and replaces it with increased infrastructure funding for non-oil-producing counties
  • Increases infrastructure development funding for non-oil-producing counties from $59.75 million to a total of $230 million through two sequential allocations ($59.75 million and $170.25 million), split equally between municipal and county/township infrastructure funds
  • Maintains funding for state general fund ($400 million total), tax relief fund ($200 million), budget stabilization fund ($75 million), lignite research fund ($10 million), disaster relief fund ($20 million), and airport infrastructure fund ($20 million)
  • Directs any revenues exceeding all prior allocations into the strategic investment and improvements fund

Legislative Description

The state share of oil and gas taxes.

Last Action

Second reading, failed to pass, yeas 10 nays 37

2/20/2023

Committee Referrals

Finance and Taxation1/16/2023

Full Bill Text

No bill text available