COVID, Low Oil Prices Blamed For Revenue Decline

Photo by Sharon McCutcheon on Unsplash

(Bismarck, ND) — State officials are blaming both the COVID-19 pandemic and low oil prices for a recent drop in tax revenues. According to a state spokesperson, forecasters had been looking forward to a five- to six-percent increase in revenues before COVID-19 lockdowns were imposed. Now, more than a year later, statewide revenues have fallen by almost 14 percent. The only bright spot, say officials, is a bump in the state’s retail trade tax authorities are tracing to increased online purchases during lockdown.

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