Idaho’s August Tax Collections Lower Than Expected
The Idaho Statesman is reporting August tax collections were 4.4 percent below the projected $199 million because of lower-than-expected sales and individual income taxes.
“Since sales-tax collections are a near real-time economic indicator, their lower-than-expected performance may raise concerns that the economy is not recovering as strongly as predicted.” – The Division of Financial Management
The state budget is based on tax collection estimates. When those estimates are off, so is the budget. July receipts fared better, so revenues are 2.2 percent off target for the fiscal year.
