Tax break meant to spur refinery construction
BISMARCK, N.D. (AP) — A developer contends a proposed oil tax exemption to help construction of an oil refinery would pay for itself through increased economic growth. BISMARCK, N.D. (AP) — A developer contends a proposed oil tax exemption to help construction of an oil refinery would pay for itself through increased economic growth.
BISMARCK, N.D. (AP) — A developer contends a proposed oil tax exemption to help construction of an oil refinery would pay for itself through increased economic growth.
A legislative committee on Wednesday endorsed the tax break. It would cut the state tax in half on oil that's processed in a North Dakota refinery.
The North Dakota Legislature will debate the proposal next year.
Mel Falcon of Trenton has been working to build an oil refinery near Williston. He says a three- to five-year oil tax break would help refinery projects get going.
The incentive would also benefit North Dakota's existing Tesoro oil refinery at Mandan.
Falcon says North Dakota oil producers and consumers lose out by shipping most of the state's production out of state to be processed.
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