Idaho’s Tax Revenue Ahead of Forecasts
BOISE, Idaho (AP) — Idaho’s tax revenue is now $79 million ahead of forecasts for the current fiscal year. Over the past month, the state Division of Financial Management says tax revenue jumped 13.2 percent more than the state anticipated.
That $56.4 million boost marks the fourth month in a row that state revenue has topped its forecast. With only a few months left in the fiscal year, it’s now extremely likely Idaho will take in more revenue than it predicted months ago. Overall, Idaho has booked about $2.3 billion in receipts so far this fiscal year.
That’s about 3.5 percent higher than expectations. Last month individual income taxes came in $35 million above target, while state sales taxes exceeded expectations by $3.5 million. Corporate income taxes were $14.4 million above projections.