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Thursday May 2, 2019
Brent Bogar, Jadestone Consulting, shares the results of a North Dakota oil and gas tax revenue study. The purpose of the study was to review the oil and gas extraction and gross production tax collections by the state of North Dakota, from 2008-2018, and to detail where and how that funding has been used.
The study breaks down the revenue distribution by the programs and political subdivisions receiving the funds and tracks how the revenues have been used through different state funds and distributions authorized by the legislature.
From 2008-2018, oil and gas extraction and production taxes have raised almost $18 billion for the state, which accounts for almost 44 percent of total tax revenues collected by the state during that period. Over the last five years alone, oil and gas extraction and production taxes accounted for more than 50 percent of all tax revenues collected by the state.
Bogar also talks about the need to dispel myths regarding the oil taxes and revenues. Community donations and nomadic workers were also discussed in detail as an overlooked portion of hidden taxes and revenue stopgaps.
