BISMARCK, N.D. (AP) - North Dakota’s Senate has approved a revamped formula to distribute a portion of the state’s oil and gas production tax revenue.
The Senate voted 47-0 on Monday to change the formula. The fund currently sets aside 75 percent of some oil tax revenues for the state and 25 percent for local governments.
North Dakota’s House in February endorsed giving 70 percent to the state and 30 percent to communities affected by rapid growth. The Senate’s version has the same 70-30 split as the House version but has pending amendments that would change how some of the funding would be allocated.
A House-Senate conference committee will now attempt to craft a version that both chambers can accept.
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