North Dakota Considers Budget Surplus Options
March 7, 2011
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 tax 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.