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Idaho's budget surplus hits $1.4 billion

James Dawson
/
Boise State Public Radio
Gov. Brad Little, second from right, speaking with business leaders at a Boise Metro Chamber of Commerce Event in 2019.

Idaho ended its most recent fiscal year with a $1.4 billion budget surplus, with Gov. Brad Little promising to use the cash for a third round of tax cuts next year.

“As Idahoans grapple with ever-increasing prices for gas, food, energy, and everything in between under Biden’s watch, in Idaho we are leading the way and showing the rest of the country how to create prosperity for our people,” Little said in a statement.

The latest state revenue report highlighted the red-hot revenue collections over the past 12 months.

Corporate income tax saw the strongest surge coming out of the second year of the pandemic, with the state taking in more than $600 million over projections.

Personal income tax, too, has been a significant buoy for Idaho. It accounts for the largest share of tax revenue at $2.6 billion.

That’s a $300 million gain from forecasts by state economists.

Should Gov. Brad Little win a second term this November, he’s promising even further tax cuts next year. Such a move would come on the heels of back-to-back, record-breaking tax cuts.

State lawmakers also approved hundreds of millions of dollars in tax rebates over the past two years.

Idaho Democrats have criticized calling this a budget surplus, saying it’s instead indicative of substantial underinvestment in state programs like education, health care and infrastructure.

Follow James Dawson on Twitter @RadioDawson for more local news.

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I cover politics and a bit of everything else for Boise State Public Radio. Outside of public meetings, you can find me fly fishing, making cool things out of leather or watching the Seattle Mariners' latest rebuilding season. If you have a tip, please get in touch!

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