Www.nd.gov/tax 701.328.7088 Office of State Tax Commissioner Cory Fong, Tax Commissioner.

Slides:

Advertisements

Similar presentations

Welcome to Who Wants to be a Millionaire

Advertisements

Potential Federal and State Funding for a Madison New Start Transport 2020 Implementation Task Force June 28, 2004 Rod Clark WisDOT Bureau of Transit &

Name: Date: Read temperatures on a thermometer Independent / Some adult support / A lot of adult support

Approximate efficiency of an average coal-fired power plant

FEDERAL FUNDING ACCOUNTABILITY AND TRANSPARENCY ACT (FFATA)

State Aid Programs An Introduction to: Local Bridge Replacement Program Local Road Improvement.

State Aid Programs Legislative Issues - Bonding Local Bridge Replacement Program Local Road Improvement Township Sign Replacement Program.

ARRA Update All funds were obligated by Of the funds programmed with FHWA, 80% has been expended Allowance for funds released after –Must.

R O A D U S E R F E E T A S K F O R C E 1 OREGONS TRANSPORTATION FUNDING CHALLENGE.

Year 6 mental test 15 second questions Numbers and number system Numbers and the number system, Measures and Shape.

Who Wants To Be A Millionaire?

Who Wants To Be A Millionaire?

Welcome to Who Wants to be a Millionaire

£1 Million £500,000 £250,000 £125,000 £64,000 £32,000 £16,000 £8,000 £4,000 £2,000 £1,000 £500 £300 £200 £100 Welcome.

Welcome to Who Wants to be a Millionaire

HB 1358 Oil & Gas Production Tax Distribution Office of State Treasurer.

1 Cleveland Municipal School District Five Year Financial Forecast September 2009 The primary goal of the Cleveland Municipal School District is to become.

DIASPORA HOMES (K) Ltd Providing housing space to eradicate slums By ERNEST KAMAU Tel /5 Nairobi, Kenya.

Sl No Top-up Amount No Of Affiliate Ads Payment Per Day By Affiliate Ad Total Affiliate Ad Income 1.5,000/- Daily 2 ad for 100 days 100/- Affiliate.

SB 192 – Oil and Gas Production Tax Rate/Credit Sponsored by Senator Bert Stedman Senate Resources April 9, 2014 SB 192 Senate Resources Presentation by.

City of North Liberty North Liberty Area Development Corporation University of Iowa Community Credit Union Economic Development Partnership Project October.

Presentation to the Washington State Association of County Engineers November 11, 2010 Washington State Association of County Engineers.

Revenue Enhancement Wayne Hammond of the AGC, and Stuart Davis of IAHD formed a Coalition. The purpose of the Idaho Transportation Coalition is.

Prepared by the Alabama Department of Transportation MAY 2, 2014 State of Alabama Transportation Infrastructure Funding.

SUPPORTING TEXAS: Taxes Paid by the Oil and Gas Industry October 2010 T e x a s O i l & G a s A s s o c i a t i o n Tax & Fiscal Consulting.

$ TOTAL INCOME 100 Quick Start 4 Within 30 Days of Start Date.

Making Landmark or Friendly Numbers (Multiplication)

Are You Smarter Than a 5 th Grader? 1,000,000 5th Grade Topic 1 5th Grade Topic 2 4th Grade Topic 3 4th Grade Topic 4 3rd Grade Topic 5 3rd Grade Topic.

1 BLUEPRINT ORGANIZATION AND STAFFING UPDATE AND STATUS REPORT Virginia Association of Counties August, 2009 DAVID S. EKERN, P.E. COMMISSIONER.

Michigan’s Transportation Funding Act

600 East Boulevard Ave. - Dept 405 Bismarck, ND (701) (701) North Dakota Department of Mineral Resources

Francis Ziegler, NDDOT Director Wednesday, November 30,

600 East Boulevard Ave. - Dept 405 Bismarck, ND (701) (701) North Dakota Department of Mineral Resources

How accurate is your view of the world?. 1. What is the population of the world? a. 3 billionb. 5 billion c. 7 billiond. 9 billion.

HB1358 Oil & Gas Production Tax Distribution Kelly Schmidt State Treasurer.

Perry County – Village of Somerset Community Impacts of Shale Development Looking at Utica Shale Development from three aspects: –Local Government –Landowners.

 An assessment is the value placed on a property for taxing purposes ◦ This value can be determined by a combination of means:  Sales of this property.

 1 ’ s Share  2 ’ s Share  3 ’ s Share  ’ s Share Illinois (Coney) New Mexico (Bartlett) UCFA Fault allocation:  =20%,  1 =10%,  2 =40%,  3 =30%

Fractions Simplify: 36/48 = 36/48 = ¾ 125/225 = 125/225 = 25/45 = 5/9

Ferndale School District Budget August 27 th, 2013.

Category% of State Budget 1. K-12 General and Categorical School Aids ($5.2 billion)32.4% 2. Medical Assistance15.1% 3. University of Wisconsin System.

Assigned Exercises & Problems, Ch 13: Budgeting

Thornton Township High School District 205 Presentation of Final Levy December 11, 2013.

Western ND School District Funding Information Session July 17, 2013 Comfort Inn Bismarck, ND New State School Funding Model ND Department of Public Instruction.

Mid-Year Budget Issues and Decisions Presented by Chris Straub.

Local Housing Assistance Plan Amendment State Fiscal Years Board of County Commissioners August 5, 2014.

NDACo Conference County Needs for Long Term Highway and Bridge Funding Jason Benson Cass County Engineer.

TRE ANNUAL MEETING Grant Levi, NDDOT Director November 26,

A Western Conversation Watford City February 19, 2014.

2014 NDACo. Annual Convention Bismarck, ND Dan Brosz, Past President ND Association of Oil and Gas Producing Counties October 14, 2014.

2015 Legislative Session Update: Tax Relief, Tax Law Changes & Tax Credits and Exemptions June 25, 2015 Ryan Rauschenberger Tax Commissioner.

May 22, 2012 How We Managed an Oil Boom Williston Basin Petroleum Conference Presented by Cindy DeLancey.

ND Association of Counties Legislative Wrap-Up Kelly Schmidt State Treasurer.

Welcome to Your State School Fund 1 Michael Elliott State School Fund Coordinator Oregon Department of Education.

North Dakota Office of State Tax Commissioner Cory Fong, Tax Commissioner.

Welcome to Your State School Fund 1 Michael Elliott State School Fund Coordinator Oregon Department of Education.

Myles Vosberg Office of State Tax Commissioner. Taxes imposed on telecommunication services  North Dakota and local Sales and Use Taxes  N.D.C.C. Chapters.

Legislative UpdateLegislative Update. Surge Funding.

HB1358 Oil & Gas Production Tax Distribution. BACKGROUND  17 Oil & Gas Producing Counties  85% of production from 4 counties  Mountrail  McKenzie.

LEGISLATIVE CHANGES TO THE OIL IMPACT GRANT PROGRAM Jeff Engleson Director, Energy Infrastructure and Impact Office ENERGY INFRASTRUCTURE AND IMPACT OFFICE.

Grant Levi, NDDOT Director 1. SB Early funding passed in February  Western North Dakota  State Highways $450 million  Counties $240 million 

August 13,  It is a unit of measurement used to levy taxes against property.  Local tax rates against property are always computed in mills.

April 28, 2015 Montgomery Township School District BUDGET HEARING BUDGET.

Superintendent’s Parent Leadership Cadre Budget Overview October 26, 2009.

NORTH DAKOTA ASSOCIATION OF COUNTIES. SURGE FUNDING PROPOSAL.

1 Overview of Mineral Taxes in Colorado State Severance Tax and Federal Mineral Lease Revenue House and Senate Finance Committees Marc Carey and Jason.

2015 Local Sales Tax Distribution Changes 1. Fall 2015 Understanding of New Distribution Plan  Sales Tax Base Expansion to Services: Expected to yield.

Governor Jack Dalrymple

Spring Break Revenue Analysis

Presented for ND League of Cities by Pam Sharp, Director of OMB

Presentation transcript:

Office of State Tax Commissioner Cory Fong, Tax Commissioner

Office of State Tax Commissioner Cory Fong, Tax Commissioner ► May production = approximately 810,129 barrels of oil per day (BOPD) ● North Dakota is now the 2 nd largest oil producing state ■ (after Texas) ● Previous oil boom in 80’s ■ topped out at 148,000 BOPD in August 1984 ● Currently 187 rigs drilling in North Dakota ► We will collect $5.2 billion in oil taxes in the biennium

Office of State Tax Commissioner Cory Fong, Tax Commissioner Trends in Oil and Gas Tax Collections Millions of Dollars

Office of State Tax Commissioner Cory Fong, Tax Commissioner Remainder to the state $375,000 per fiscal year to hub cities for each percentage point of oil and mining employment $125,000 per fiscal year to hub city school districts for each percentage point of oil and mining employment 4% to the Abandoned Oil and Gas Well Plugging and Site Reclamation Fund capped at $10 million per biennium Oil and Gas Impact Grant Fund $240 million per biennium HB Legislature 4% to the Heritage Fund capped at $30 million per biennium

Office of State Tax Commissioner Cory Fong, Tax Commissioner Breakdown of the 4/5 among political subdivisions 80% (4% of the 5%) HB Legislature

Office of State Tax Commissioner Cory Fong, Tax Commissioner 0% 75% 100% 25% $0 - $5,000,000 $Over $5,000,000 Breakdown of the 4/5 State General Fund 80% (4% of the 5%) Oil & Gas Counties Counties 60% (County must levy 10 mills for roads) Cities 20% (Does not include Hub Cities) Schools 5% (Does not include Hub City Schools) Townships 3% (distributed based on road miles) Townships 3% (distributed evenly among all townships) Hub Cities 9%

Office of State Tax Commissioner Cory Fong, Tax Commissioner State Share (General Fund $300M cap per Biennium) Resources Trust Fund Education Purposes 50% Common School Trust Fund 50% Foundation Aid Stabilization Fund Legacy Fund

Office of State Tax Commissioner Cory Fong, Tax Commissioner Gross Production Tax Distribution Overhaul & Western Infrastructure Funding Initiative ► HB 1358 increases the oil and gas tax revenue distributed to local government through the formula to $593M, an increase of $301M over the current biennium. ● Counties - $315.5M ● Cities - $198M ● School Districts - $49M ● Townships - $30.5M ● Including distributions and monies made available to  “hub” cities and “hub” school districts

Office of State Tax Commissioner Cory Fong, Tax Commissioner Office of State Tax Commissioner ► ► ► or ► 600 E Boulevard Ave, Dept. 127 Bismarck ND