BISMARCK, N.D. — North Dakota continues a trend of strong tax revenue growth in the 2013-15 biennium, though that growth has slowed.
Through May, according to the latest numbers from the state Office of Management and Budget, North Dakota has collected more than $2.7 billion in general fund revenue, $419.9 million more than the 2011-13 biennium so far. That represents a 18.4 percent increase.
That’s a strong increase, but at this point in the past biennium revenue has grown nearly 62 percent. The pace of revenue growth seems to be slowing, but over the past several bienniums the increases in tax collections have been explosive, increasing more than 117 percent over this same point in the 2007-09 biennium.
Sales tax collections make up the bulk of an increase in general fund revenue, increasing $150 million so far over the previous biennium — a 15.8 percent.
Personal income tax collections make up the second largest area of increase, despite significant cuts in rates passed by the Legislature in 2013. So far personal income tax collections are up $84.7 million, or 21 percent. Corporate income tax collections are up $33.4 million or 21 percent.
More...
Watchdog.org is a collection of independent journalists covering state-specific and local government activity.
Our established investigative journalists and capitol news reporters across the country are doing what legacy journalism outlets prove unable to do: share information, dive deep into investigations, and provide the fourth estate that has begun to fade in recent decades.
