The latest North Dakota tax revenue report is out from the Office of Management and Budget. The full report is below, and a screen grab of the latest numbers by category, compared to last biennium, is above.
Here’s a graph showing the cumulative revenues by month compared to the last four bienniums. It really is amazing to see where the State of North Dakota is compared to even just a few years ago. In the five years from December 2007 to December of 2013 (the last set of bars on the graph below), state tax revenues have increased 135%.
A few notes on the numbers:
The Financial Institutions Tax was repealed by the legislature, and the negative numbers shown are refunds from the state to institutions that prepaid their taxes.
The Motor Vehicle Excise Tax isn’t hitting projections, but it is beating last biennium’s numbers. “Motor vehicle excise tax collections again fell slightly short of the forecast,” reads the report. “Actual collections of $10.9 million were $131,000, or 1.2 percent, below forecast for the month. The biennium-to-date variance is -$8.2 million. However, current biennium collections exceed the first six months of the 2011-13 biennium by $10.3 million, indicating the shortfall is attributable to monthly forecast assumptions, not a decline in motor vehicle sales.”
Corporate and personal income tax collections are way up. Biennium to date, personal income taxes are up $43.7% while corporate income tax collections are up 65.6%.
Here’s the full report: