BISMARCK, N.D. (AP) - North Dakota's Senate has approved amendments to a House bill aimed at restructuring oil taxes.
The Senate voted 32-15 Thursday after a nearly three-hour floor fight to shave the state's oil tax rate from 11.5 percent to 10 percent.
The House proposal would permanently lower an extraction tax on oil instead of allowing a tax exemption to take effect if oil prices continue declining.
Under the Senate's proposal, the state's so-called trigger exemptions would expire in December. And if oil prices rebound above $90 for three months, the state's oil tax would increase from 10 percent to 11 percent.
Tribal and oil industry officials say the Senate's version of the bill is more acceptable than the original House version but it still is far from perfect.