January Tax Collections Exceed Expectations

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Idaho’s General Fund tax collections exceeded expectations for the second month in a row.  The Division of Financial Management reports January collections were up $6.3 million above the forecast amount.

DFM’s monthly report says the uptick is due largely to better than expected sales tax revenues.

The sales tax contributed $103.7 million to the General Fund, which is $7.6 million more than was expected. This month also marks the second consecutive month the sales tax has performed above expectations. It should also be noted that January’s performance is an important milestone because it is the month with the year’s highest expected collections since it represents sales that took place during December. The fiscal year-to-date sales tax revenue of $627.1 million is up $9.6 million above the forecast.

Individual and corporate income taxes came in slightly below forecast predictions for the month of January.