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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Lawmakers hopeful Future Fund can work despite key differences in industries of WV and ND

Posted on 27 August 2013

With a trust fund fueled by severance taxes from the oil industry, North Dakota has saved nearly $1.5 billion in just 20 months. While some West Virginia lawmakers hope to start a similar fund using taxes from the Marcellus shale industry, others are still skeptical of the revenues the state can expect.
North Dakota’s tax department collected nearly $3.5 billion from the state’s oil and natural gas production alone between 2011 and 2013. In those same two years, West Virginia collected about $875 million in severance taxes, which includes all of the state’s extraction industries………………………………………..Full Article: Source


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