Oil companies give North Dakota legislators the ok to increase their taxes.
You heard right.
That ok gave lawmakers the go ahead to bring back an issue killed earlier this week.
The House and Senate approved to restructure the state's oil tax tonight.
It fixes the stripper well loophole which was costing the state 50 million a year.
Under the bill, ONLY the low producing "stripper well" will get a lower tax rate, instead of all wells on the "stripper well" property.
The bill also increases the share of oil tax revenues that goes to the three affiliated tribes from reservation wells.
Under the agreement the tribes have to spend 10% of the revenue on infrastructure.
The bill is a tax increase to oil companies.
Majority Leader Al Carlson says he heard from two oil companies that support the tax...
Rep. Al Carson: "My next phone call was from the President of Marathon Oil who said go ahead and raise my taxes because I want to do a lot of development in that area and we'd like the good faith of North Dakota behind this agreement as well. I have never had anybody call me up before and ask me to raise his taxes."
The change will mean an additional 90 million in tax revenue to the state.