Republican lawmakers introduce a bill that would dramatically change the oil tax structure in North Dakota.
Senator Dwight Cook's proposal would make four major changes.
The biggest impacts would be felt on new stripper wells, incentives to drill outside the Bakken and Three Forks and at a lower flat rate extraction tax.
House majority leader Al Carlson says both oil companies and the state of North Dakota would be giving some to create more stability in the oil industry.
"This is a good long range plan. I think the industry gave up a good deal to get this. We think that's it's good for them and it's good for the state of North Dakota. The naysayers will say here you are cutting a big break for the industry. I don't think it's a big break it has a positive fiscal note," says republican house majority leader Al Carlson.
Cook says the overall tax rate on oil companies would fall to 9.5 percent in January or 2017. Right now it is 11.5 %.
He says the lower tax rate would eliminate triggers in oil prices that if met would dramatically reduce revenue for the state of North Dakota.
Oil companies would also be given incentives to drill outside the Bakken and Three Forks areas.
Tuesday, May 21 2013 6:10 PM EDT2013-05-21 22:10:53 GMT
An Oklahoma woman now living in Mandan says news clips of the devastation in her home state have been hard to watch, but she is glued to her facebook finding out how friends and family are doing. "This
An Oklahoma woman now living in Mandan says news clips of the devastation in her home state have been hard to watch, but she is glued to her facebook finding out how friends and family are doing.
Tuesday, May 21 2013 4:10 PM EDT2013-05-21 20:10:43 GMT
While the rain has slowed planting for at least a few days--this spring has been one of the busiest for both farmers and fertilizer dealers. Everyone getting to the field at the same time has dealers scrambling
While the rain has slowed planting for at least a few days--this spring has been one of the busiest for both farmers and fertilizer dealers. Everyone getting to the field at the same time has dealers scrambling
Tuesday, May 21 2013 11:28 AM EDT2013-05-21 15:28:48 GMT
A truck hauling an oversized load was struck an overpass east of Bismarck this morning. ND Highway Patrol Lt. Norm Ruud says the DOT is on scene inspecting the bridge structure. Traffic was reduced to
A truck hauling an oversized load was struck an overpass east of Bismarck this morning. ND Highway Patrol Lt. Norm Ruud says the DOT is on scene inspecting the bridge structure. Traffic was reduced to
Monday, May 20 2013 7:40 PM EDT2013-05-20 23:40:14 GMT
When a flooded road is closed, it forces drivers to take an alternate route, but if you see water rushing over a road and it's open, what do you do? "It's just kind of surreal, considering that we've
When a flooded road is closed, it forces drivers to take an alternate route, but if you see water rushing over a road and it's open, what do you do?
U.S. officials say they have identified five men they believe might be behind the attack on the diplomatic mission in Benghazi, Libya, last year. The officials say they have enough evidence to justify seizing them...
The U.S. has identified five men who might be responsible for the attack on the diplomatic mission in Benghazi, Libya, last year, and has enough evidence to justify seizing them by military force as suspected terrorists,...
The Senate Judiciary Committee hopes to nail down an elusive compromise on high-tech visas and may punt a controversy over gay marriage to the full Senate as it makes final drafting decisions on immigration...
Far-reaching legislation that grants a chance at citizenship to millions of immigrants living illegally in the United States cleared the Senate Judiciary Committee on a solid bipartisan vote Tuesday night after supporters...
The Pentagon wants more than $450 million for maintaining and upgrading the Guantanamo Bay prison that President Barack Obama wants to close.
The Pentagon is asking Congress for more than $450 million for maintaining and upgrading the Guantanamo Bay prison that President Barack Obama wants to close.
Oil production in New Mexico has increased by nearly 50 percent over the last three years, making it one of five western states that have helped boost national production over the last three years.
Oil production in New Mexico has increased by nearly 50 percent over the last three years, making it one of five western states that have helped boost national production over the last three years.
The White House says President Barack Obama opposes a House bill that would speed approval of the proposed Keystone XL oil pipeline from Canada to Texas. The White House says the bill "seeks to circumvent longstanding and...
The parents of slain University of North Dakota student Dru Sjodin (shuh-DEEN') say the man convicted of killing their daughter isn't the only person who received a death sentence.
The parents of slain University of North Dakota student Dru Sjodin (shuh-DEEN') say the man convicted of killing their daughter isn't the only person who received a death sentence.
Evangelist Franklin Graham prayed on a sidewalk outside the Pentagon Thursday after his invitation to a prayer service inside was withdrawn because of comments that insulted people of other religions. More>>
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