Sunday, June 9, 2013

Idaho Sales and Product Tax Receipts Up; Individual, Corporate and Miscellaneous Tax Receipts Less Than Forecast

Posted By on Sun, Jun 9, 2013 at 1:00 PM

Idaho's latest financial report card indicates that the gap between fiscal year-to-date collections and projections has been narrowed.

The Idaho Division of Financial Managment reports that the state's May income—$3.8 million—was 2.4 perent below forecast.

But the news is still good when looking at the 2013 fiscal year-to-date collections, which through May totaled more than $2.47 billion—3.1 percent above projections.

Idaho's five main revenue components had varying levels of success in May: Sales tax of $89.6 million was $3.4 million more than predicted, and product tax of $3.8 million was $300,000 above forecast; but individual income tax receipts of $49.3 million were $5 million less than projected; corporate income tax of $7.5 million was $1.9 million less than predicted; and miscellaneous revenues of $1.3 million were $600,000 below forecast.

In particular, product taxes were boosted by tobacco taxes that were nearly $300,000 higher than expected, toppng forecasts for eight months so far this fiscal year, according to the DFM.

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