Idaho’s state tax revenues rebounded in November, coming in $10.8 million ahead of forecasts – and more than making up October’s $8 million shortfall. According to the state Division of Financial Management, the November general fund receipts were 4.4 percent ahead of forecast and 14.2 percent higher than November of 2016; for the fiscal year to date, state tax revenues are ahead by $32.2 million or 2.3 percent, and running 7.3 percent higher than this time last year.
The individual income tax had the strongest performance for the month, coming in 6.8 percent ahead of forecasts. Sales taxes were 2.3 percent ahead of forecast, while corporate income taxes again fell short; it’s running 11 percent under the forecast for the fiscal year to date, but is a much smaller slice of Idaho’s revenue pie than sales or personal income taxes. You can read the full monthly General Fund Revenue Report here.