Boise (670 KBOI) – The federal tax reform law will boost the personal earnings of Idahoans over the next three years, says the state’s Chief Economist.
Derek Santos, with the Idaho Division of Financial Management, told the legislature’s Economic Outlook and Revenue Assessment Committee they re-worked their Fiscal Year 2018 through 2020 projections after the tax reform law passed.
“In 2020, there’s $1 billion more of personal income in Idaho,” said Santos. “Going from the previous forecast that I gave you two weeks ago, to this current one I just gave you. The sense you get from it is, personal income goes up, and non-farm employment goes up, so the economy does do better, because of the stimulative effect of tax reform.”
Santos told the committee state revenues would rise from $3.6 billion this year, to $4 billion in fiscal FY 2020.
The committee voted 15-1 to accept the projections, and pass them along to JFAC.
