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Idaho State News

Idaho’s Red-Hot Economy Sets new Record, More tax Cuts to Come

BOISE – Governor Brad Little commented today on the news that monthly tax revenues exceeded $1 billion for the first time in state history for April, paving the way for more tax cuts and proving conservative principles of governing bring prosperity and strength to Idaho.

April tax revenues came in at more than $1.2 billion, exceeding forecast by $574 million and putting the state on track to achieve a projected $1.3 billion surplus for the current fiscal year ending June 30, 2022. Governor Little is already planning for more tax cuts.

Governor Little said the following:

“Idaho’s record-setting economy is no accident. The continued strength of Idaho businesses and the health of our state budget prove our conservative approach to governing works. Idaho is the most conservative state in the nation – we back the blue, empower parents, cut taxes, slash red tape, and rein in government spending continually, without exception. To Idahoans, I tell you this – we have achieved historic tax cuts for you in the past few years, and we are not done yet. Our conservative principles mean more tax cuts are coming. You will be getting more of your hard-earned dollars back in your pockets and bank accounts. I’m so proud of our robust and resilient private sector and responsible approach to state budgeting.”

The April tax revenues report from the Division of Financial Management can be found here: https://dfm.idaho.gov/wp-content/uploads/publications/eab/gfrr/gfrr2022/gfrr_may2022.pdf