BISMARCK, N.D, (AP) — North Dakota’s oil industry is seeking to reduce the amount of interest and penalties the state can charge companies for unpaid oil and gas royalties.
According to the Bismarck Tribune, the trade group representing the state’s oil industry, North Dakota Petroleum Council, is asking lawmakers for a break on late royalty payments.
Currently, the state can charge interest and penalties on unpaid royalties at a maximum rate of 30%.
During a hearing Wednesday, Petroleum Council President Ron Ness told the House Finance and Taxation Committee that such a level is “unnecessarily punitive.”
The committee did not vote on the bill during the hearing.