Gov. Doug Burgum signed legislation Thursday that ratifies the oil tax compact he signed last month with the Mandan, Hidatsa and Arikara Nation.
Senate Bill 2312 changes how the state and tribe share tax revenue from new oil and gas wells on trust and fee lands, sending greater share of the revenue to the tribe.
“Finalizing this agreement sends a clear signal that North Dakota supports a stable tax and regulatory environment, which will help us compete with shale oil plays in other states and help the tribe address infrastructure needs and other priorities,” Burgum said in a statement.
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Burgum also signed Senate Bill 2257, which sets up a framework for the governor and tribes to sign agreements for taxes on alcohol and wholesale tobacco products.