Idaho’s state tax revenues surged another $5.7 million over the state’s projections in the month of August. When combined with the $4.5 million that state taxes beat projections in July, that puts the state $10.2 million ahead so far for the fiscal year that began July 1, according to the state’s Division of Financial Management. Individual income tax was the largest source of revenue strength in August.
Mike Ferguson, Gov. Butch Otter’s chief economist, reports the latest numbers in DFM’s monthly “Idaho Outlook” report, which also includes a look at what would happen in Idaho if the nation descends into a “double-dip” recession. However, national models now put the chances of that at 25 percent, and Ferguson notes that a double-dip is “not expected” because factors that have pushed the nation into the two previous double-dip recessions, in the late 1950s and the early 1980s, are lacking now. You can read the September report here.
Betsy Z. Russell covers Idaho news from The Spokesman-Review's bureau in Boise.
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