Idaho revenues outshine predictions

BOISE, Idaho (KIFI/KIDK) - Idaho collected $313.4 million in revenue for the month of November. That is $44.5 million more than the state estimated for the period. It represents a 16.5% surplus.

Individual income taxes, alone, were 24% over state estimates.  Income taxes accounted for $27.9 million of the total surplus. The Idaho Division of Financial Management reports income tax collections in November were $144.2 million bringing the fiscal year-to-date value to $775.2 million. 

Another $14.8 million surplus was collected from state sales tax revenue.  That is a 10.3% or $14.8 million surplus.  Total sales tax collection for the month totaled $158 million bringing the fiscal year total to $827.4 million.

Corporate income taxes were 30.7% above estimates, creating an $800,000 surplus.  Corporate collections totaled $3.4 million, which totals $94.4 million since the fiscal year began July 1.

Individual income tax withholding collections of $142.3 million were $26.5 million stronger than forecast.      

Idaho Financial Managers were surprised by the state’s performance in light of the COVID-19 pandemic. Withholding has brought $617.3 million to the general fund since July. That is $59.4 million, or 10.6%, ahead of forecasts.

On the downside, corporate income tax filing collections were weaker than forecast by about $200,000 or 7.7% under projections.