From "top North Dakota news stories" this week, regarding ND state tax collections:
Several categories of state tax collections are well above forecast,
thanks largely to the resurgence in the state’s oil industry.
The combination of higher oil prices and increased oil production has
tax collections well ahead of the forecast made during the 2017
legislative session.
North Dakota oil producers received an average of $61.11 per barrel
during the month of April, with near-record production of 1.22 million
bbl/day.
Legislators forecast production at less
than a million bbl/day at a price of $47.00/bbl, so tax collections for
the month of June were 72% higher than predicted.
Corporate and personal income tax, motor vehicle excise tax and sales
tax collections are also running ahead of the budget forecast.
The upside in the oil industry has been partially offset by lower
commodity prices for grain and livestock. [Always something to complain
about.]
The surge in oil tax revenue, including a deposit of nearly $59 million in June, has pushed the state’s Legacy Fund balance to more than $5.5 billion.
See 1Q18 taxable sales data here.
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