BOISE — Idaho state tax revenues came in $34.3 million lower than expected in October, an 11.2 percent shortfall, according to the state Division of Financial Management.
The collections for the month were 3.6 percent below those of the previous October; state forecasts expected them to be 8.6 percent higher than last year’s mark.
For the fiscal year to date, state general fund revenues are now 3.9 percent behind forecasts, or $47.3 million.
As in previous months, the shortfalls came in individual income tax receipts, including significantly lower withholding payments. That’s something that’s occurred in every recent month, prompting concern that this year’s income tax cut legislation may have led to under-withholding — meaning Idaho income taxpayers could be in for a nasty surprise in April, when they file their returns and discover they owe more.