North Dakota oil tax savings account earnings beat forecast

State News

FILE – In this May 19, 2021, file photo, pump jacks extract oil from beneath the ground on the Fort Berthold Indian Reservation east of New Town, N.D. North Dakota has sued the Biden administration over its suspension of new oil and gas leases on federal land and water. The lawsuit filed Wednesday, July 7 in federal district court in Bismarck claims the move is unlawful and will cost the state hundreds of millions of dollars in lost revenue. (AP Photo/Matthew Brown, File)

BISMARCK, N.D. (AP) — Officials say North Dakota’s trust fund for oil taxes is realizing hefty earnings due to a rebounding economy and better-than-expected stock investments. Revenue from the Legacy Fund for the two-year budget cycle that ended last month was about $872 million. That’s up from the $736 million that budget writers and the Legislature had forecast. Nearly half of the extra revenue will be used to reimburse a constitutional fund that benefits schools but had been shortchanged in error for about a decade. Money from the Common Schools Trust Fund is distributed to North Dakota’s public schools.

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