Post ID 65235

Lawmakers desire to spend oil income tax income in North Dakota firms, infrastructure loans

A bipartisan number of North Dakota lawmakers has set its look on spending an amount for the state’s future oil income tax income in regional companies and infrastructure jobs.

Home Bill 1425 would direct the State Investment Board to designate 10% of income tax collections moving in to the voter-approved Legacy Fund for producing loans tailored to North Dakota towns and cities, counties and organizations. Another 10% will be earmarked to purchase shares as well as other equity in North companies that are dakota-based. (more…)