(KXNET) — The Legacy Fund in North Dakota is worth over $8 billion, and some state lawmakers are proposing an idea not just for how to spend that money, but how to return money to it.
The Legacy Fund was created in 2010 and collects 30% of oil and gas production as well as oil extraction taxes.
Now, Representative Corey Mock says he wants to see some of the royalties from the Legacy Fund, which helps pay for other projects, be deposited back into it.
House Concurrent Resolution 3033 calls for a portion of the royalties from intellectual properties that were paid for using Legacy Fund money, which could include patents, copyrights, or trademarks, to be contributed directly into the fund to keep the program’s focus on helping ND businesses alive and well.