BISMARCK, N.D. (AP) — The number of North Dakotans reporting income of more than $1 million went up 7.5 percent last year, and the number of residents' tax returns rose by more than 20,000 to a new high, the state Tax Department said.
Figures released to The Associated Press show 1,120 North Dakota taxpayers reported adjusted gross income of more than $1 million in 2014, compared with 1,041 North Dakotans in that category in 2013.
The number of North Dakotans reporting seven-figure incomes has more than doubled since 2010.
Reported million-dollar incomes come largely from royalties paid to mineral owners by oil and gas companies in western North Dakota's oil-producing region. Historically, more than half of the oil royalties earned in in the oil patch are paid to mineral owners who live outside of North Dakota and are not reported to the state for tax purposes, the agency said.
Data show the average adjusted gross income in the state increased from $71,538 in 2013 to $73,359 last year. The average adjusted income in North Dakota has increased more than $23,000 since 2009, data show.
The number of returns rose from 466,256 in 2013 to 486,311 last year, a record, the Tax Department said.
The state's total adjusted gross income was $31.4 billion last year, up $1 billion from 2013 and more than double that reported a decade ago.