Idaho is one of nine states that saw tax collections increase more than ten percent from fiscal year 2010 to 2011.
A new U.S. Census Bureau Report looks at state tax collections for the fiscal year that ended June 30, 2011.
Last fiscal year, all 50 states reported an increase in tax collections, a dramatic change from fiscal year 2010 when just 11 states reported increases.
North Dakota and Alaska experienced the largest increases with 44.5 percent and 22.4 percent growth in tax revenue respectively. Idaho
ranked 7th, coming in at 10.5 percent above collections for FY2010.
The jump in revenue is a sign people spent more money, more people are working and businesses upped their spending.
At the end of the last fiscal year, Idaho tax collections far exceeded expectations. The governor was left with an $85 million budget surplus. The Associated Press reported Gov. C.L. “Butch” Otter’s handling of the surplus was met with criticism.
“A healthy share of Idaho’s $85 million 2011 budget surplus will go to offset taxes residents pay on food, but programs for the poor and disabled that saw a $108 million reduction in state and federal funding during the last legislature won’t be restored.” – AP
The Census report includes five broad tax categories including property, sales, license, income and other (severance, gift, etc.). The Idaho Division of Financial Management doesn’t include property taxes in its monthly and end-of-fiscal-year general fund reports. DFM’s chief economist said property taxes are excluded because those taxes are used to fund local units of government (counties, cities, school districts).