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Earnings from Oil Tax Savings would Offset Income Tax

Earnings from Oil Tax Savings would Offset Income Tax

Earnings From Oil Tax Savings Would Offset Income Tax


The Associated Press - February 5, 2019

BISMARK, N.D.-- Legislation led by top Republican House members would use money from North Dakota's voter-approved oil tax savings account to help offset state income taxes.

House Finance and Taxation Committee Chairman Craig Headland is the primary sponsor of the bill. He told his committee Tuesday that the measure is a way for everyione in North Dakota to share in the state's oil wealth.

House Majority Leader Chet Pollert and House Appropriations Chairman Jeff Delzer are among the measure's co-sponsors.

The measure would use half of the earnings from the state's Legacy Fund beginning in 2021 to reduce individual and corporate income taxes.

Headland says state income taxes likely would be eliminated over the next decade with Legacy Fund earnings. The fund currently holds more that $6 billion.



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