House Defeats Measure to Lower Oil Taxes - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

House Defeats Measure to Lower Oil Taxes

Posted:

A proposal to lower tax rates for oil companies has been defeated in the North Dakota House.

The bill came out of the Tax and Finance Committee with a do not pass recommendation.

The bill was intended to lower the oil extraction tax.

In exchange, the bill would have cut the exemption for so called stripper wells and eliminate price triggers that would lessen state taxes for companies if the price of oil falls below a certain level.

Sponsor, Senator Dwight Cook says the purpose was to bring tax certainty to the oil industry and the state.

However Democrats blasted the measure saying it would cost North Dakotan's more than $1.3 billion in the first five years.

"Our committee believes a solution and revision of this policy must be revenue neutral, it must continue to serve the long term best interests of our citizens. We understand the longer term vitality of the oil industry is essential to ND's future," says Representative Craig Headland of Montpelier.

Headland says the committee was unable to come to a consensus on the measure.

The vote was 87-6 to kill the bill.

  • PoliticalMore>>

  • Dan Sullivan takes lead in Alaska GOP Senate race

    Dan Sullivan takes lead in Alaska GOP Senate race

    Wednesday, August 20 2014 2:54 AM EDT2014-08-20 06:54:11 GMT
    A whistle-stop tour of the state in an RV. An endorsement from the second man to walk on the moon. Even one of the most polarizing figures in American politics found cause to weigh in on the state she used to lead.
    A tea party attempt to overcome a mainstream Republican appeared to be coming up short in Alaska as former state Attorney General Dan Sullivan took a primary lead in the fight to be the GOP candidate to take on U.S. Sen....
  • Texas' Perry smiles for mug shot, gets ice cream

    Texas' Perry smiles for mug shot, gets ice cream

    Wednesday, August 20 2014 2:04 AM EDT2014-08-20 06:04:44 GMT
    Republican Texas Gov. Rick Perry gave a confident, wry smile beneath flawless hair for his mug shot. Then he went out for a vanilla ice cream.
    Republican Texas Gov. Rick Perry gave a confident, wry smile beneath flawless hair for his mug shot. Then he went out for a vanilla ice cream.
  • Holder brings his civil rights push to Ferguson

    Holder brings his civil rights push to Ferguson

    Wednesday, August 20 2014 1:27 AM EDT2014-08-20 05:27:09 GMT
    Eric Holder talks about the nation's civil rights struggles in a way no previous U.S. attorney general could - by telling his own family story.
    Eric Holder talks about the nation's civil rights struggles in a way no previous U.S. attorney general could - by telling his own family story.
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.