Nice to see North Dakota getting the exposure it is getting regarding the Legacy Fund.
In 2010, voters in North Dakota approved the creation of a state-administered fund that would collect hundreds of millions of dollars a year in severance taxes generated by the oil and gas boom ...
As production in the Bakken Formation raced upward from 112 million barrels in 2010 to nearly half a billion barrels last year, the severance taxes feeding the North Dakota Legacy Fund have swelled its balance to $6.2 billion. The fund last year generated $225 million in earnings and interest ...
The trust fund’s balance is expected to more than double over the next decade — to nearly $15 billion ...
Three years before voters in North Dakota went to the polls, a committee of 11 Colorado state lawmakers convened to take a look at how severance taxes were allocated in the Centennial State. After a half dozen meetings and a couple of field trips to mineral-rich Rio Blanco and Garfield counties, the group came to the conclusion that it would behoove Colorado to create a permanent trust fund “as a resource in the future when the mineral extraction industry declines.”
“Interest from a trust fund could also be used to provide additional resources for higher education to educate the state’s workforce,” the committee wrote in its 2007 report.
Fast forward to 2019 … and Colorado still has no permanent trust fund.
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