81-09-03-07. Stripper well exemption.

Oil produced from a stripper well property is exempt from the oil extraction tax.

To be eligible for the stripper well exemption, a producer must have its property certified as a stripper well property by the industrial commission and must submit a copy of the certification received from the industrial commission to the tax commissioner.

History: Effective October 1, 1987; amended effective June 1, 1992.

General Authority: NDCC 57-51-21, 57-51.1-05

Law Implemented: NDCC 57-51.1-03(2), 57-51-19