Associated Press, Published March 18 2013
ND Dems slam GOP's oil tax planBISMARCK — North Dakota Democrats say they've done some recalculating on a Republican-backed measure to restructure oil taxes in North Dakota.
Democrats say the plan is radical and reckless and could cost the people of North Dakota more than $1.3 billion in the first five years. That's double the cost of an initial analysis.
Republican Sen. Dwight Cook of Mandan says Democrats aren't looking at the bill in its entirety.
The measure would cut the exemption for so-called stripper wells that's costing North Dakota about $50 million annually. It also eliminates price triggers that would lessen state taxes for companies if the price of oil falls below a certain level.
Backers say the state could see tax revenue decrease by at least $2 billion if oil falls below the current price trigger.
Copyright 2013 The Associated Press.