FILE PHOTO – Idaho State Capitol in Boise, Idaho
BOISE, Idaho (AP) — Idaho Gov. Brad Little is promising more tax cuts after state budget officials on Tuesday reported April tax revenue came in nearly double what had been expected.
The Republican governor in a statement attributed the $1.2 billion April tax revenues to conservative principles.
“Idaho’s record-setting economy is no accident,” he said. “The continued strength of Idaho businesses and the health of our state budget prove our conservative approach to governing works.”
The April revenue includes about $700 million in income tax and $300 million in corporate income tax. Officials said Idaho could have a $1.3 billion surplus when the current fiscal year ends June 30.
Little earlier this year signed into law a record $600 million income tax cut that includes a one-time $350 million in rebates and $250 million in permanent income tax reductions going forward for people and businesses.
“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,” he said. “Our conservative principles mean more tax cuts are coming.”
Opponents of the tax cuts from earlier this year said they mostly benefit the wealthy at the expense of essential government services such as education.