North Dakota Oil Tax Trust Fund, Measure 1 (2008)
It was a concurrent resolution to create and enact a new section to article X of the Constitution of North Dakota, relating to establishment and use of a permanent oil tax trust fund; and to provide an effective date of 2011.
|Measure 1 (2008)|
Election Results via: The North Dakota Secretary of State
Official ballot text
All revenue deposited in the general fund during a biennium derived from taxes imposed on oil and gas at the time of production or extraction which exceeds one hundred million dollars must be transferred by the state treasurer to a special fund in the state treasury known as the permanent oil tax trust fund. Beginning in 2011, at the beginning of each biennium immediately following a biennium in which revenue from taxes imposed on oil and gas was deposited in the permanent oil tax trust fund, the state treasurer shall adjust the dollar threshold amount as determined under this section for transfers to the permanent oil tax trust fund by applying to that amount the rate of change since the beginning of the previous biennium in the consumer price index for all urban consumers, all items, United States city average, or any successor index, as calculated by the United States department of labor, bureau of labor statistics. The state treasurer shall transfer interest earnings of the permanent oil tax trust fund to the general fund at the end of each fiscal year. The principal of the permanent oil tax trust fund may not be expended except upon a vote of three-fourths of the members elected to each house of the legislative assembly and not more than twenty percent of the principal may be expended during any biennium.
Representatives Weiler, Boehning, Kasper, Skarphol, Thoreson sponsored the resolution along with Senator Stenehjem.
A group called Partners to Protect North Dakota's Future opposed both this measure and the North Dakota Income Tax Cut (2008).
Members of the coalition include:
- The North Dakota Education Association
- The North Dakota School Boards Association (NDSBA)
- American Federation of State, County and Municipal Employees (AFSCME)