North Dakota Revenues Up Nearly 21% So Far In Biennium

Nine months into the 2013-2015 biennium North Dakota’s general fund revenues are up nearly 21 percent according to the latest report from the Office of Management and Budget.

You can read the full report below.

One area of continued amazement is that income taxes are so far ahead of where they were last biennium. That shouldn’t be surprising given that North Dakota has been leading the nation in personal income growth – every single county in the state saw at least a 15 percent bump from 2007 to 2012 – but also remember that the legislature has been cutting income taxes every biennium since 2007. Personal income tax rates are about half of what they were in 2006, and corporate income tax rates are significantly lower as well, yet revenues continue to surge.

As you can see from the table above, individual income tax collections are up 30 percent and corporate collections are up 52 percent.

That’s amazing.

This graph shows the cumulative revenues for the current biennium compared to the previous three bienniums.