The bill amends sections 57-51-15 and 57-51.1-07.5 of the North Dakota Century Code, focusing on the allocation of oil and gas gross production tax revenues. It introduces a new requirement for a legislative management report and removes the previous effective date through June 30, 2027. The amended section 57-51-15 now specifies the distribution of tax revenues to various funds, including the North Dakota outdoor heritage fund and the abandoned oil and gas well plugging and site reclamation fund. The bill also outlines a new hub city debt relief funding pool and establishes a framework for distributing funds to counties, school districts, and hub cities based on their revenue collections, ensuring that allocations reflect the impact of oil and gas activities in those areas.

Additionally, the bill increases the initial deposit into the state general fund from $230 million to $250 million and adjusts allocations to the strategic investment and improvements fund from $400 million to $360 million. It mandates that hub cities use allocated funding for debt repayments related to oil and gas development incurred between July 1, 2012, and December 31, 2025. The bill also introduces temporary exemptions for allocations to the North Dakota outdoor heritage fund and the oil and gas research fund for specific periods, with set caps on the amounts allocated. Overall, these changes aim to enhance financial support for education and infrastructure in counties and hub cities while promoting transparency and accountability in the management of oil and gas tax revenues.

Statutes affected:
INTRODUCED: 57-51-15, 57-51.1-07.5
Prepared by the Legislative Council staff for Senate Appropriations Committee: 57-51-15, 57-51.1-07.5
FIRST ENGROSSMENT: 57-51-15, 57-51.1-07.5
Prepared by the Legislative Council staff for Representative Headland: 57-51-15, 57-51.1-07.5
Prepared by the Legislative Council staff for Representative Richter: 57-51-15, 57-51.1-07.5
Enrollment: 57-51-15, 57-51.1-07.5