|FOR IMMEDIATE RELEASE||Contact: Cory Fong, Tax Commissioner, 701-328-2770|
|Thursday, November 02, 2006|
RECORD INCOME FOR NORTH DAKOTANS IN 2005
BISMARCK, N.D. - Tax Commissioner Cory Fong today announced that recently filed state individual income tax returns show record income for North Dakotans. 2005 individual income tax returns report adjusted gross income was up over eight percent for a record $13.563 billion. Adjusted gross income for 2004 state individual income tax returns was $12.516 billion.
“The growth in adjusted gross income is over twice the rate of inflation for the same time,” said Fong. Inflation was 3.4 percent for 2005.
The Tax Department recently completed processing 2005 individual income tax returns that had an extension due date of October 15. For the 2005 tax year, the Tax Department processed over 330,000 individual income tax returns.
“North Dakota is making real progress these days and our economy is growing and expanding,” said Fong. We’ve added thousands of new jobs and we see from the 2005 state individual income tax returns that wages are on the rise.”
Recent reports from Job Service North Dakota show that North Dakota added nearly 4,000 jobs during 2005, suggesting widespread gains in employment and a reduction in the unemployment rate to a moderate 3.4 percent.
“Our economy is expanding,” said Fong. “And it is consistent with good, sound tax policies that have led to solid job growth.”
Fong attributed the success in job growth to the tax department working with other agencies to create opportunities for job creation as well as recent proposals to continue stimulating job growth and economic expansion.
Citing the biodiesel plant in Velva and the new ethanol plant in Hankinson, Fong said, “These are examples of the Tax Department being engaged with other agencies to cut through the red tape, solve problems, and find solutions to encourage new business ventures.”
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