Idaho’s state tax revenues in May not only beat forecasts by more than $580 million — they marked the biggest revenue month ever for the state. That means Idaho’s economy is officially booming as the state emerges from the pandemic. The state’s projected year-end surplus when the fiscal year ends June 30 is now nearly $810 million, which would set a new record.
“Years of fiscal conservatism, swift action during the pandemic, few COVID restrictions, responsible allocation of federal relief dollars, and our relentless focus on cutting red tape are the reasons Idaho’s economy is catapulting ahead of other states right now,” Gov. Brad Little said Wednesday in a news release.
Little also announced that with the rosy revenue numbers, he’s planning to call for additional tax cuts next year — on top of this year’s enactment of the largest tax cut in state history, in the form of permanent income tax rate reductions plus a one-time rebate — and additional "significant" education investments.
“It sure blew away our expectations," said Alex Adams, Little's budget director. "Things are starting to normalize, and we’re starting to feel pretty darn optimistic about how things look.” You can read my full story here at idahopress.com (subscription required), or pick up Thursday's edition of the Idaho Press.