Legislators Recieve Updated Oil Tax Revenue Forecast

North Dakota lawmakers learned Wednesday there will be about $1 billion less in oil tax revenues through June 2017. This reduction is on top of the projected loss in revenues determined during a Legislative Forecast in January. Moody's Analytics presented the updated oil tax revenue forecast for the 2015-2017 biennium to Senate and House Appropriations committee members. Moody's predicts $5.9 billion to be collected in oil tax revenues in the 2013-2015 biennium and $3.9 billion to be collected in oil tax revenues in the 2015-2017 biennium. These estimates are $108 million and $870 million lower than the legislative forecast done in January.