ND House Defeats Oil Tax Cut

North Dakota's House of Representatives has defeated on a vote of 78-18 a proposed tax cut that would have reduced North Dakota's top oil tax rate from 11.5 percent to 9.5 percent on production from newly drilled wells. The House, however, unanimously voted to extend a contingent "triggered" oil tax break that was scheduled to expire this summer to July 1, 2013. The "triggered" tax break would lower rates if average prices fall below a set benchmark price for five consecutive months.

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