Idaho’s booming economy blows past projections, paving way for more tax relief, investments in education

At a press conference in Coeur d’Alene today, Governor Brad Little announced Idaho’s economy and state budget continue to strengthen, paving the way for even more tax relief for Idahoans and added investments in education, roads, clean water, broadband and other areas next year.

Governor Little said Idaho’s booming economy resulted in May state revenue figures coming in $580 million ahead of forecast – the best month for state revenues in the history of Idaho – with the potential to end the fiscal year in June with another record budget surplus of close to $800 million, an all-time high.

“Years of fiscal conservatism, swift action during the pandemic, few COVID restrictions, responsible allocation of federal relief dollars, and our relentless focus on cutting red tape are the reasons Idaho’s economy is catapulting ahead of other states right now,” Governor Little said.

The good news about Idaho’s stable budget means Governor Little will advocate for even more tax relief and strategic investments in key areas, with education topping the priority list.

Just last week, Governor Little’s budget office informed state agencies he will keep state government spending lean in order to make meaningful investments in education and maintain a structurally balanced budget.

With Idaho’s record budget surplus this year, Governor Little and the Idaho Legislature achieved the largest tax cut in state history and strategic investments in transportation, education, and other key areas as part of Governor Little’s “Building Idaho’s Future” plan.

The May revenue figures posted by the Division of Financial Management today are available here: https://dfm.idaho.gov/publications/eab/gfrr/gfrr2021/gfrr_jun2021.pdf

 

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