Idaho is projected to end the year with a budget surplus after a surge in corporate income tax collections last month.
April is typically the highest grossing month when it comes to state revenue because of the deadline to file personal income tax returns and last month was no different than in years past.
Idaho collected about $808 million overall in April, though state economists missed big on their personal income tax predictions.
Those estimates were 16% below target at $426,703,000.
Idaho’s Division of Financial Management said that’s because “tax refunds did behave as expected.”
In March, the state handed out $84 million in fewer refunds than projected, while April’s personal income tax refunds were nearly $100 million above expectations.
The state sets aside 20% of all gross income tax revenue for refunds, but officials had to take a $45.4 million loan from Idaho’s general fund to cover them.
Corporate income tax buoyed the bottom line, nearly tripling what officials expected. Idaho companies paid nearly $207,000,000 in income tax last month.
While it’s a significant deviation from the state’s forecast, DFM said the amount is “consistent with 2024 and 2025 values” for the month.
Sales tax collections came in just about on-target – up 1.5%, while products and miscellaneous taxes chipped in a combined $9.1 million.
The state’s fiscal ups and downs in the current fiscal year are now back in the positive.
The nonpartisan Legislative Services Office predicts Idaho will end the fiscal year in June in the black with a nearly $94 million surplus – about 33% higher than expected when lawmakers adjourned April 2.
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