Idaho’s January tax revenue likely beat forecasts by about $15 million. The news, which indicates the economy could be picking up steam, may help mitigate concerns that arose last week about a yawning $185 million budget hole.
Division of Financial Management director Wayne Hammon confirmed the preliminary figure to The Associated Press.
The robust January receipts come despite $9 million in unexpected sales tax rebates paid out to alternative energy companies. Still, this news likely won’t ease lawmakers’ job of determining what revenue figure to budget to when they set the 2012 spending plan, due to start next July 1.
For instance, legislators still must decide whether to synchronize Idaho’s tax code with new federal tax rules, a move that could cost Idaho an estimated $70 million over two years.