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North Dakota Considers Budget Surplus Options

1 min readBy: Joseph Bishop-Henchman

Here’s a problem most states wish they had: North Dakota officials are revising their estimated state surplus (PDF) of $79 million upward to $122 million, thanks to greater-than-anticipated individual and corporate income taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. collection trends. While most states’ spending peaked in 2008, North Dakota’s 2007-09 general fund spending of $2.57 billion is a shadow of the current one at $3.29 billion. The unemployment rate in the state is 3.9%.

The surplus does not include $50 million set aside in the budget for across-the-board income tax reductions, currently pending in the House after being approved by the Senate. The North Dakota Taxpayers Association and the North Dakota Chamber of Commerce are pushing for a larger tax cut, given the growing size of the surplus.

More on North Dakota here.