According to the North Dakota Office of Management and Budget, the large oil extraction tax trigger will start in May 2015 and even in April 2016 based on NYMEX oil futures prices. The large trigger brings the extraction to zero percent for producers The revised oil tax revenue forecast has been issued by the North Dakota Office of Management and Budget. The updated forecast was created with the help of Moody’s Analytics and shows that the state’s total oil tax revenue during the 2015-17 biennium will be roughly $3.4 billion. In January, the North Dakota legislature predicted that oil tax revenue for the biennium would total $4.2 billion. In total, the March revenue forecast shows a difference of nearly $870 million less compared to the January forecast. The total revenue generated by the state in the upcoming biennium will be roughly $5.1 billion, according to the OMB’s update forecast. The […]