Idaho Tax Collections for FY 2014 Very Close to Budget Projections



New figures for May indicate that Idaho's revenues are coming in closer to budget as the state nears the end of its current fiscal year.

Overall General Fund receipts were $168.2 million, just above the forecast of $165.5 million. Year-to-date, FY 2014 collections total more than $2.5 billion, about 2 percent more than the same period in FY 2013. But overall collections are still about $1.2 million below forecast.

Sales tax receipts in May topped out at $93 million; individual income tax receipts were $62.8 million; corporate income tax receipts in May were $7.6 million; and product tax collections were $3.1 million. Miscellaneous revenue sources came in at $1.7 million.

Individual income tax receipts were above budget by $3.9 million, with refunds below expectations and filing collections higher than expected. For the fiscal year to date, total individual income tax receipts are $1.23 billion, about $3.6 million more than projected.

Next month's report won't be published in early June because the state's number crunchers will be closing the books on FY 2014 year-end revenues. The numbers are expected to be finalized by mid July.

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