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Associated Press, Published February 01 2013

ND Democrats slam GOP's oil tax plan

BISMARCK — North Dakota Democrats are blasting a Republican-backed plan to restructure oil taxes in the state.

Senate Democratic minority leader Mac Schneider says the plan is radical and reckless. He says the measure could cost the people of North Dakota more than $595 million in the first five years.

Republican Sen. Dwight Cook of Mandan says the bill introduced this week attempts to bring certainty and stability to the oil industry and the state.

The legislation closes some loopholes for the oil industry in exchange for a lower tax rate beginning in 2017.

Cook says he worked with oil companies to craft the proposed legislation.

Copyright 2013 The Associated Press.