Terry Wanzek voted Yea (Passage) on this Legislation.
Title: Repeals the Higher Tax Rate on Oil Producers when Commodity Prices Rise
Signed by Governor Doug Burgum
Title: Repeals the Higher Tax Rate on Oil Producers when Commodity Prices Rise
Vote to pass a bill that repeals the higher tax rate on oil producers when their commodity prices rise.
Amends tax rate “for a well located within the exterior boundaries of a reservation, a well located on trust properties outside reservation boundaries as defined in section 57 - 51.2-02, or a straddle well located on reservation trust land as defined in section 57 - 51.2-07.10, if the average price of a barrel of crude oil exceeds the trigger price of ninety dollars for each month in any consecutive three-month period” (Page 1).
Authorizes tribes to “make an irrevocable election to opt-out of the increased rate of tax provided in subsection 2 by providing written notice to the tax commissioner” (Page 2).
Title: Repeals the Higher Tax Rate on Oil Producers when Commodity Prices Rise
Vote to pass a bill that repeals the higher tax rate on oil producers when their commodity prices rise.
Amends tax rate “for a well located within the exterior boundaries of a reservation, a well located on trust properties outside reservation boundaries as defined in section 57 - 51.2-02, or a straddle well located on reservation trust land as defined in section 57 - 51.2-07.10, if the average price of a barrel of crude oil exceeds the trigger price of ninety dollars for each month in any consecutive three-month period” (Page 1).
Authorizes tribes to “make an irrevocable election to opt-out of the increased rate of tax provided in subsection 2 by providing written notice to the tax commissioner” (Page 2).
Title: Repeals the Higher Tax Rate on Oil Producers when Commodity Prices Rise