A Senate committee has given the thumbs up to a bill that would lower North Dakota's oil and gas tax rate, but not before making serious changes to the proposal.
Last night the Senate Finance and Taxation committee approved amendments to lower the tax rate to 10 percent, down from the current rate of 11 and a half percent. The amendments also limit the amount of time that the so-called "big trigger" tax break can be in effect. Legislators were worried that the large tax break would take effect on June 1, costing the state $76 million a month for the foreseeable future. In the version of the bill approved by the Senate committee, that tax cut would expire permanently at the end of 2015.
That was an important development for Mark Fox, chairman of the Mandan, Hidatsa and Arikara Nation. Previously, Fox had said he would consider breaking a tax agreement between the state and the tribal governments if lawmakers didn't amend the bill in a few key ways, including removing the big trigger.
The bill still must be approved by the full Senate.
