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Monthly North Dakota Revenue Report |
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Corporate Income Tax Projections
Coming off of the COVID-19 pandemic, corporate profits were at record highs nationally and in North Dakota, mostly due to the federal stimulus funding, and the demand for products driving up the price.
With that funding coming to an end, a decrease in the demand for products is inevitable.
Fiscal year 2024 revenue came in 10% less than what was collected in fiscal year 2023, but was still $82 million or 42% over forecast. The fiscal year 2025 amount is the estimated revenues to be collected based off of the legislatively adopted forecast.
In North Dakota, the elevated oil prices and demand for oil have continued to keep companies profitable.
Source: Moody's Analytics
Comparison of Actual Corporate Income Tax Revenue By Fiscal Year
(in millions)
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Statement of General Fund Revenues and Forecasts
Compared to Legislative Forecast
2023-25 Biennium
July 2024
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Compared to Previous Biennium Revenues
2023-25 Biennium
July 2024
 Click on image to enlarge and/or print.
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Comments or questions? Contact Susan Sisk, Office of Management and Budget Director.
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