Democrats Oppose Oil Tax Cuts | Video

Jennifer Joas | 3/19/2013

Democratic leaders in the Legislature are speaking out in strong opposition to a bill that would cut oil taxes by two percent in 2017. The Democrats` initial calculations showed that the tax cut would cost North Dakota $595 million.

But they say after looking at more accurate information on how much oil wells produce, their newest calculation for loss of revenue is $3.7 billion.

Democrats say this is not the time to cut taxes, but instead be funding infrastructure improvements, property tax relief and the legacy fund.

"We are pro oil. We are thankful for the economic development that has happened secondary to the oil boom. We just want to protect what makes North Dakota great. We want to prepare for life after the boom," said Senator Mac Schneider (D) from Grand Forks.

Republican supporters say this tax cut will help keep oil companies drilling in the Bakken, versus investing capital in other states.

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