By Ruth Brown, Idaho Reports
April tax revenues for the state exceeded $1 billion for the first time in Idaho history.
The Division of Financial Management reported that with more than $1.229 billion recorded in April, state revenues came in at $574 million more than predicted.
Of that amount collected, individual income tax was $308 million more than expected, sales tax was $20 million more than expected, and corporate income tax was $244 million more than expected.
May and June are still part of the current fiscal year and DFM reported they are expecting another $195 million “partly on the precedent set by the pandemic year [tax] filing delays.” Corporate income tax is expected to return another $70 million to the state within the next two months.
Gov. Brad Little said in a press release Tuesday that he is making plans for more tax relief.
“To Idahoans, I tell you this – we have achieved historic tax cuts for you in the past few years, and we are not done yet,” Little said. “Our conservative principles mean more tax cuts are coming. You will be getting more of your hard-earned dollars back in your pockets and bank accounts. I’m so proud of our robust and resilient private sector and responsible approach to state budgeting.”
The revenue report comes after the Idaho Legislature passed a sweeping income tax cut bill at the beginning of the 2022 legislative session. House Bill 436 lowered income tax rates on an ongoing basis and issued a one-time rebate. That policy came as legislators started the 2022 session with a $1.6 billion surplus.
It remains unclear how HB 436 will affect the next fiscal year’s potential surplus, but the state appears on track to end the fiscal year with at least $1.3 billion in surplus money.