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Associated Press , Published August 20 2013

WV lawmakers to travel to ND to study Legacy Fund

BISMARCK — State lawmakers from West Virginia are coming to North Dakota to learn more about the state's savings account for oil and gas taxes.

North Dakota's Legacy Fund gets 30 percent of the state's oil and gas tax collections. It topped $1.3 billion in assets last month. None of the money can be spent until 2017, and only then if the Legislature decides by a two-thirds vote to dip into the fund.

West Virginia Senate President Jeff Kessler is leading the 17-member delegation from the state that has seen a surge in natural gas production. Kessler wants lawmakers to set aside tax revenue similar to what is being done in North Dakota.

About a dozen North Dakota lawmakers are slated to host the West Virginia delegation on Thursday in Bismarck.


Copyright 2013 The Associated Press.