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Idaho state revenue up from 2024 but 141M below projections

Pullman, WALocal News

Idaho's state revenue increased slightly from last year, but it remains $141. 5 million below projections set by the Legislature. Individual income tax collections through May rose by $187. 4 million, while corporate income taxes increased by $30. 9 million.

However, diversions of sales tax revenue have caused a significant decline in general fund distributions, totaling $84. 5 million less than last year. The Joint Finance and Appropriations Committee (JFAC) adopted a revenue estimate of nearly $6 billion, which was $42. 2 million higher than the governor's forecast. Despite these figures, the Division of Financial Management noted a revenue shortfall of $99 million against actual collections.

Governor Little's budget chief highlighted the state's economic resilience and responsible budgeting, but some legislators worry that recent tax cuts could harm vital services. Senate Minority Leader Melissa Wintrow cautioned against prioritizing tax cuts over essential funding for education and healthcare. JFAC Co-Chairperson Wendy Horman expressed optimism about the overall revenue growth, citing the state's historic revenue levels in recent years.

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