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Idaho Revenue Report Card: Corporate Tax Receipts Way Up, Sales Tax Steady

The Idaho Division of Financial Management reports that corporate income tax collections exceeded expectations in January.

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One of the most closely scrutinized documents during any session of the Idaho Legislature is the state's economic report card, better know as the Idaho General Fund Revenue Report. And the most recent report offers lawmakers a bit of optimism.

The revenue report indicates that Idaho's 2015 General Fund receipts of $320.6 million were about $1 million more than expected. For the current 2014 fiscal year, to date, General Fund collections are about $21 million above predictions. 

The real headline is that corporate income tax collections led the pace, which in January were $6.4 million higher than forecast. That covered poor collections of individual income tax receipts ($3 million below forecast), sales tax receipts ($1.3 million below forecast) and miscellaneous revenue receipts ($1.1 million below forecast). 

The Idaho Division of Financial Management reports that corporate income tax collections exceeded expectations "largely because of lower-than-expected refunds," pushing more revenue to the bottom line. To date, the current fiscal year's corporate income tax collections are $11.4 million more than the forecasted $99.5 million. 

In sales tax collections. January is a much-watched month for sales tax because it includes receipts from holiday sales. While January's numbers were relatively close to expectations, they were still $1.3 million below forecast. To date, the current fiscal year's sales tax collections are right about on-target.