Saturday, October 6, 2012

Idaho Personal Income Tax, Sales Tax Push Revenues Above Forecast

Posted By on Sat, Oct 6, 2012 at 10:05 AM

Exceptionally strong individual income tax receipts are being credited with pushing Idaho's September 2012 General Fund revenue above forecast.

In its most recent report card on revenues released late Friday, the Idaho Division of Financial Management logged $248.1 million in receipts, $8.8 million above projections. Fiscal year-to-date revenues through September are 0.5 percent more than forecast.

The best news came from individual income withholding collections, which were up 13.2 percent, representing $94.1 million—$11.1 million more than projections. That was more than enough to offset withholding shortfalls from the previous two months.

Corporate income tax collections were weighed down by lower-than-expected filings and estimated payments, coming in at $28.2 million, nearly $2 million below projections.

Sales tax revenues contributed $87.8 million to the General Fund in September, slightly above the predicted amount.

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