North Dakota Senate Bill SB2367

North Dakota 2023-2024 Regular Session

• Introduced: 1/23/23
• Refer: 1/23/23
• Refer: 1/25/23
• Report Pass: 2/1/23
• Refer: 2/1/23
• Report Pass: 2/17/23
• Engrossed: 2/21/23
• Refer: 2/22/23
• Report Pass: 4/5/23
• Enrolled: 4/12/23
• Passed: 4/17/23

Caption

The allocation of the state share of oil and gas taxes.

Impact

The impact of SB2367 touches on the budgeting framework for state finances, particularly how oil and gas revenues are utilized. The bill's structure aims to ensure that revenue distributions support both development and stabilization efforts across North Dakota. By delineating specific funds for infrastructure in non-oil-producing areas, SB2367 seeks to ensure equitable distribution of resources throughout the state, potentially addressing the disparities between oil-rich and less affluent regions.

Summary

Senate Bill 2367 proposes an amendment to the allocation of the state's share of oil and gas taxes under section 57-51.1-07.5 of the North Dakota Century Code. The bill outlines a structured format for depositing revenues generated from oil and gas taxation into various state funds. This includes allocations towards the state general fund, tax relief social services fund, budget stabilization fund, and several funds dedicated to infrastructure development, especially in non-oil-producing counties.

Sentiment

Overall, the sentiment regarding SB2367 appears to be supportive, as signified by the overwhelming voting outcomes from both the Senate (45-0) and the House (83-9). The bipartisan support reflects a shared acknowledgment of the importance of prudent and equitable financial management of oil resource revenues within the state. However, it might be worthwhile to consider potential concerns about how these allocations will influence local governance and funding efficacy in various communities.

Contention

Notable points of contention surrounding the bill include debates about the sufficiency of funding for infrastructure needs in non-oil-producing counties. Some legislators raised concerns regarding whether the proposed allocations would adequately address infrastructure deficits that these regions face. While SB2367 seeks to balance the distribution of tax revenues, there remains apprehension about whether it will genuinely translate into meaningful improvements in public services and local infrastructure investment.