Democrats Say Oil Tax Bill Will Cost ND Billions - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Democrats Say Oil Tax Bill Will Cost ND Billions

Posted:
Bismarck, ND -

North Dakota Democrats are speaking out for a second time against a Republican backed measure to restructure oil taxes in the state.

They say they've done some recalculating and are now deeply concerned about the financial impact of the bill.

Democrats say the bill could cost the people of North Dakota more than $1.3 billion in the first five years.

They say new projections show the state could loose over $3 Billion by 2021.

Senator George Sinner says, "Either our friends from the other side of the isle are hiding the real fiscal note or they didn't know it and didn't want the public to know it. If this passes we will be short changing both current infrastructure needs and other needs and children and grandchildren's futures."

Republican Senator Dwight Cook says Democrats aren't looking at the entire bill.

The measure would cut the exemption for older wells that's costing the state $50 million a year.

It also eliminates triggers that alter taxes if oil prices fall.

"My biggest fear is seeing this industry or the price of oil goes south and then our revenues go south with it. That's what this bill will prevent from happening. It will guarantee us a steady stream of revenue somewhere between 9-9.5%. We haven't had that history in the past. This is a very important piece of legislation," says Cook.

Senate Bill 2336 has a hearing Tuesday at 9:00 in the Fort Totten Room.

  • PoliticalMore>>

  • Obama promoting economic gains as elections near

    Obama promoting economic gains as elections near

    Monday, September 1 2014 2:41 PM EDT2014-09-01 18:41:24 GMT
    President Barack Obama is sounding more bullish these days about the nation's recovery from the Great Recession. And the White House is encouraging Democrats to show similar optimism as they head into the...
    Taking a bullish stand on the economy, President Barack Obama is renewing his call for an increase in the minimum wage, looking to give Democrats an issue on which to campaign going into November's midterm...
  • Pakistan's premier challenged by raging protests

    Pakistan's premier challenged by raging protests

    Monday, September 1 2014 2:31 PM EDT2014-09-01 18:31:14 GMT
    Anti-government protesters and Pakistani police have clashed once again as the demonstrators pushed into a sprawling government complex in the country's capital in an effort to try to reach the prime...
    Ahead of a joint session of parliament, Pakistan's prime minister and army chief held marathon meetings Monday over violent anti-government protests that could force the premier of this nuclear-armed country to resign.
  • Obama notifies Congress of airstrikes in Iraq

    Obama notifies Congress of airstrikes in Iraq

    Monday, September 1 2014 1:31 PM EDT2014-09-01 17:31:11 GMT
    President Barack Obama has sent official notification to Congress of his order for last week's airstrikes and humanitarian aid drops to help Iraqis threatened by Islamic State militants.
    President Barack Obama has sent official notification to Congress of his order for last week's airstrikes and humanitarian aid drops to help Iraqis threatened by Islamic State militants.
Quick Clicks
Closings/Delays
View list
Calendar
What's happening?
Lottery Results
Feeling lucky?
Viewer Photos
Submit yours!
Road Report
Current conditions
TV Listings
See what's on
Gas Prices
Check near you
E-Mail Newsletter
Signup now

Most Popular

Stories
Videos
loading...
Powered by WorldNow
General information or questions:
kxinfo@kxnet.com

News:
Bismarck:
Phone: 701-223-9197
News Fax: 701-223-1985

News:
Minot:
Phone: 701-852-2104
News Fax: 701-838-1050
All content © Copyright 2000 - 2014 WorldNow and KXNET. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.