BISMARCK, N.D. (AP) North Dakota Democrats are predicting a ``doomsday scenario'' for future state revenues if the Republican-led Legislature radically restructures oil taxes as a hedge against falling crude prices.
Democrats on Tuesday released an analysis that says the state could lose more than $6 billion over the next decade if incentives to oil companies are cut in exchange for a lower and permanent flat tax rate.
The House voted 57-32 on Monday to approve the measure that supporters believe offers predictability in crafting budgets.
State law forgives a 6.5 percent extraction tax if the five-month average price of oil slips below a ``trigger'' price. That trigger is expected to kick in June 1.
Republicans want to lower the extraction tax permanently to 4.5 percent if the trigger kicks in.