January 24, 2013

Bill would keep oil production tax dollars in oil affected counties

Bill would keep oil production  tax dollars in oil affected counties

House Dem-NPL Leader Kenton Onstad of Parshall has introduced the Catch Up and Plan initiative which would direct 80 percent of the revenues from the oil production tax to oil producing counties during the 2013-15 biennium. The bill is HB 1318.
“During this time of prosperity, our focus can turn to addressing significant needs that have arisen as a result of rapid development of our natural resources,” Onstad said. “We can begin addressing these needs through HB 1318, which provides a one-time catch up investment by keeping more of our oil tax revenue in our oil-producing counties, empowering local officials to address the needs specific to their counties in real time.”
If passed, the bill amend the oil production tax formula, thus allowing 80 percent of revenue from this tax to stay in oil producing counties. 


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