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State revenues for November have exceeded projections made in August, continuing a pattern of tax collections that are stronger than expected.
In four of Idaho’s five revenue categories — individual income taxes, sales taxes, product taxes and miscellaneous revenue — collections were $8.2 million more than expected, according to a state report released by the Idaho Division of Financial Management. Only one category, corporate income tax revenues, was less than predicted for November.
At the same time, revenue projections were revised downward in August, a reflection that the state’s economic slump remains. State lawmakers in the legislative session that begins Jan. 10 will face a 10 percent, $340 million shortfall when planning the next fiscal year’s budget.
Overall, state revenues collected since the fiscal year started in July were $973.2 million, or $30.9 million — 3.3 percent — more than the August prediction.
Here are the details about November revenues:
- Individual income taxes: November revenue from these taxes was $84.9 million, $4 million more than predicted. For the fiscal year so far, all individual income tax revenues are 5.1 percent — $21.7 million – more than the forecast of $425.9 million.
- Sales taxes: Sales taxes had “a strong showing in November,” economist Derek Santos wrote in the report. The $83.2 million in November revenue was $4.4 million more than expected. That infusion has pushed the fiscal year’s total to $431.1 million, or $300,000 more than the fiscal year-to-date amount predicted.
- Product taxes: These are a “model of consistency,” according to the report. In November, they were $100,000 above target, continuing a pattern each month of being $100,000 to $200,000 above predictions. Strong tobacco and wine tax collections helped November’s numbers. For the fiscal year-to-date, product taxes are $500,000 above predictions.
- Miscellaneous revenues: Miscellaneous revenues were $200,000 above the projections of $1.7 million in November. The mine license tax and a transfer from a settlement with a pharmaceutical company contributed to the number. Fiscal year-to-date revenue for this category is $34.7 million, $3.7 million more than the August forecast.
- Corporate income tax revenues: These were $400,000 below the predictions for November, with lower filing revenues and refunds that were more than anticipated. But fiscal year-to-date totals are still $4.7 million, 13.5 percent above predictions.
source: magicvalley.com