NDFB urges YES vote on Measure One
Created: 7/23/10 (Fri) | Topic: Issues
North Dakota Farm Bureau is asking North Dakotans to save some of the oil money and vote YES on Measure One in November.
What is Measure One? It would establish a North Dakota Legacy Fund from oil and gas taxes, accumulating at record-breaking levels. Saving some of this money makes sense.
The oil tax is not a new tax. Oil companies have been paying oil taxes to the state since the 1950s.
The Legacy Fund would be a permanent savings account with earnings generated from the fund available for state spending.
Under the ballot measure, 30 percent of the oil taxes would be palced in the Legacy Fund. Principal and earnings could not be spent until 2017. In addition to the earnings, the Legislature could spend up to 15 percent of the principal in any biennium with a two-thirds vote of both chambers.
The Legacy Fund would provide a consistent state revenue stream for our children and grandchildren long after the oil industry take a downturn.
This measure is a more balanced approach to saving and spending than a similar measure defeated by voters in 2008.