Idaho state tax revenues for March came in 2.8 percent below forecast, but fiscal year-to-date receipts remain nearly at the forecast, just 0.2 percent below it. Sales tax revenues in March beat predictions by 3.9 percent, while both individual and corporate income taxes were well below the forecasts for the month.

While filing collections and withholding payments for individual income taxes actually were above forecasts, refunds were much higher than expected for the month. State economists said individual income tax refunds were below projections for both January and February, and attributed the differences to timing issues; year-to-date individual income tax receipts, at $988.5 million, are $4.2 million ahead of forecasts. Corporate income taxes, on the other hand, which came in 2.9 million or 15.5 percent below the forecast for March, are also off by 15.3 percent for the fiscal year to date, at $105.8 million; that’s $19.1 million below the forecast.

Next month’s figures will have bigger impact, as April is the highest revenue month of the year for the state’s general fund. You can see the full March General Fund Revenue Report here from the governor’s Division of Financial Management.