More North Dakota residents reported incomes of $1 million or more last year thanks to the state's booming oil patch. The number of people reporting income of $1 million or more increased by 18.5 percent last year, according to the state Tax Department. More than 470 people reported adjusted gross income of more than $1 million on their 2008 individual tax returns, compared to nearly 400 reporting that income on their 2007 returns, the agency said. The state had about 340 income millionaires in 2006 and about 270 in 2005, the agency said. Tax Department analyst Kathy Strombeck said the jump in the number of North Dakotans with income of more than $1 million is largely due to oil company payments to mineral owners. A strong overall economy and healthy agriculture sector also are factors, she said. Figures released to The Associated Press show the average adjusted gross income in the state increased from $48,590 in 2007 returns to nearly $50,800 last year, a record. The average adjusted gross income on 2006 returns was about $43,300. The total reported income in the state jumped from $16.8 billion in 2007 to $17.9 billion last year. The total income in 2008 is more than $3 billion more than in 2006, records show. "With the national economy in one of its roughest periods, for our state to continue to have growth is very good," Strombeck said. The number of individual tax returns rose from about 347,000 in 2007 to more than 352,300 last year, the Tax Department said. About 339,000 returns were filed in 2006. North Dakota's strong economy and growing oil industry are helping reverse a loss in population, said Richard Rathge, the state Data Center director and North Dakota demographer. Continued... |