Oil tax revenue would help three cities repay eligible debts

The state treasurer would set aside oil and gas tax revenue for hub city debt payments. The payments go to Williston, Dickinson, and Minot, in shares of 70.13%, 19.94%, and 9.93%, respectively. The money must repay debt incurred from July 1, 2012, through December 31, 2025, to address oil and gas development impacts. These allocation rules apply after June 30, 2027. The eligible debts must have been incurred from July 1, 2012, through December 31, 2025.

The state treasurer would change how oil and gas tax revenue is divided among state funds. The allocation schedule covers state general fund, social service, budget stabilization, disaster relief, research, infrastructure, retirement, and other named funds. The deposits come from oil and gas tax revenue designated for the state general fund and follow the listed order. The deposit order applies to revenues received each biennium.

The state treasurer would make temporary allocations to two state funds from oil and gas tax revenue. The temporary allocations go to the North Dakota outdoor heritage fund and the oil and gas research fund. The outdoor heritage fund receives eight percent of available gross production tax revenue, capped at $7.5 million per fiscal year. The research fund receives two percent of gross production and oil extraction tax revenue, capped at $17.5 million total, before specified other allocations. The outdoor heritage allocation runs from September 1, 2025, through August 31, 2027. The research allocation runs from August 1, 2025, through July 31, 2027.