Idaho Governor Brad Little will push for more tax cuts and education investment as the state expects to collect more than $6 billion in taxes in fiscal 2023.
In a news release, the governor said because of previous income tax cuts, an updated revenue forecast released Friday indicates Idaho expects to collect about $6.09 billion in fiscal 2023, which began July 1st. The revenue forecast is a slight a decrease of $107 million or 1.7% from the record $6.197 billion the state collected last year.
Idaho lawmakers have approved nearly $1 billion in one-time and ongoing tax relief the past two sessions. That includes a $251 million reduction in corporate and individual income tax rates and one-time tax rebate worth $350 million that were approved earlier this year.
Little expects more tax cuts and more funding for education in the state as a result of the new projection.
The state collected $416 million in tax revenues in July, the first month of fiscal 2023. That included $149 million in individual income taxes, $22 million in corporate income tax and $214.5 million in sales tax. (Lewiston Tribune)