ND Senate Extends Oil Tax Break if Prices FallNorth Dakota senators are supporting an extension of a state oil tax break that will kick in if oil prices fall dramatically.
By: Associated Press,
BISMARCK, N.D. (AP) — North Dakota senators are supporting an extension of a state oil tax break that will kick in if oil prices fall dramatically.
The legislation will lower the tax on most oil production if prices fall just below $47 a barrel for five straight months. The price is called a "trigger" and it is adjusted each year.
The triggered tax break is expiring in June 2012. Senators voted 47-0 on Wednesday to approve extending the tax break until June 2013. The bill now goes to Gov. Jack Dalrymple for his review.
The new North Dakota oil tax bill isn't expected to have any effect. Prices are now above $100 a barrel. Budget analysts expect oil prices to stay above $75 a barrel for the next two years.