Idaho tax revenues continue to rise and are currently running at more than 22% above forecast projections.
The May revenue report, which was released Wednesday, indicates the state has collected $5.58 billion in general fund revenues through the first 11 months of fiscal 2022.
That includes nearly $955 million in corporate income taxes — up from $257 million for the same period last year.
As of May 31, corporate income tax collections were running $621 million ahead of projections. When sales tax and individual income tax collections are added into the mix, general fund revenues are currently $1.24 billion or 22.4% ahead of projections.
Idaho surpassed $4 billion in total general fund revenue collections for the first time in 2020. It jumped passed $5 billion last year, and blew past that mark in April of this year, with two months left in the fiscal year.
