In the largest unexpected increase of the fiscal year, Idaho state tax collections were up 13.2 percent above projections in April.
The Division of Financial Management reports tax collections totaled $483.9 million during the largest tax-collecting month of the year. DFM forecast April collections wouldn’t exceed $427.4 million.
“Thanks to this string of strong revenue months, the state’s April 2013 fiscal year-to-date General Fund receipts are $79.1 million higher than anticipated, $2,319.8 million compared to the predicted $2,240.7 million.” – Division of Financial Management
Of the three main tax categories, individual income taxes came in the highest above projections.
“Individual income tax collections for the month were $337.4 million, which was 11.6% more than was predicted. This category’s strong showing reflects the surge in filing collections that far exceeded expectations. April filing collections of $313.7 million eclipsed the forecast $278.1 million by $35.6 million. This strong showing is consistent with the huge payment of dividends, interest, and rents in the fourth quarter of CY 2012. This quarter’s growth was the strongest in over three decades, and it is not expected to be repeated in the near future.” – Division of Financial Management
The revenue projections are used by state lawmakers to write budgets.
*We originally reported corporate income tax collections came in the highest above projections, when in fact it was individual income tax collections.