North Dakota is a U.S. state in the midwestern and northern regions of the United States. It is the nineteenth largest in area, the fourth smallest by population, and the fourth most sparsely populated of the 50 states. North Dakota was admitted as the 39th state to the Union on November 2, 1889. Its capital is Bismarck, and its largest city is Fargo. North Dakota payday loans is legal.
In the 21st century, North Dakota’s natural resources have played a major role in its economic performance, particularly with the oil extraction from the Bakken formation, which lies beneath the northwestern part of the state. Such development has led to population growth and reduced unemployment.
Agriculture is North Dakota’s largest industry, although petroleum, food processing, and technology are also major industries. It is the fastest-growing state in U.S. by GDP. Its growth rate is about 8.3%. The economy of North Dakota had a gross domestic product of $36.8 billion in 2013. The per capita income in 2013 was $50,899, ranked 16th in the nation. The three-year median household income from 2002–2004 was $39,594, ranking 37th in the U.S.
According to Gallup data, North Dakota led the U.S. in job creation in 2013 and has done so since 2009. The state has a Job Creation Index score of 40, nearly 10 points ahead of its nearest competitors. North Dakota has added 56,600 private-sector jobs since 2011, creating an annual growth rate of 7.32 percent. According to statistics released on March 25, 2014 by the Bureau of Economic Analysis, North Dakota’s personal income grew 7.6 percent in 2013 to $41.3 billion. The state has recorded the highest personal income growth among all states for the sixth time since 2007. North Dakota’s personal income growth is tied to various private business sectors such as agriculture, energy development, and construction.
North Dakota has a slightly progressive income tax structure; the five brackets of state income tax rates are 2.1%, 3.92% 4.34%, 5.04%, and 5.54% as of 2004. In 2005 North Dakota ranked 22nd highest by per capita state taxes. The sales tax in North Dakota is 5% for most items. The state allows municipalities to institute local sales taxes and special local taxes, such as the 1.75% supplemental sales tax in Grand Forks. Excise taxes are levied on the purchase price or market value of aircraft registered in North Dakota. The state imposes a use tax on items purchased elsewhere but used within North Dakota. Owners of real property in North Dakota pay property tax to their county, municipality, school district, and special taxing districts.
The Tax Foundation ranks North Dakota as the state with the 20th most “business friendly” tax climate in the nation. Tax Freedom Day arrives on April 1, 10 days earlier than the national Tax Freedom Day. In 2006, North Dakota was the state with the lowest number of returns filed by taxpayers with an Adjusted Gross Income of over $1M – only 333.
North Dakota Payday Loans
Payday loans is considered legal in the state of North Dakota. The difference here is that in the state of North Dakota a client has the right to keep a loan for 60 days, and the limit in other states is 30 day. Borrowers can take maximum $500, but there is no limit on minimum sum. The state sets a restriction on the APR which should not exceed 520%. Lending companies operating in North Dakota can charge percentage rates which equal 20%, which means that customers should pay $20 on each $100 borrowed. North Dakota Payday Loans State Law click here.