What will the state do with historic surpluses?
For the first time, having money will not be a problem for the Legislature, “Tax collection to the general fund is likely to be among the highest in history,” reports the state’s Division of Financial Management. In just the first month of the new fiscal year (2022-2023) alone, July saw an increase in revenues for the state of $38.8 billion. This doesn’t count the $5.6 billion Idaho will receive in federal American Rescue Plan Act (ARPA) funds.
NFIB will keep a diligent watch on how the Legislature will spend the money with an eye toward whether future financial support to any given initiative can be sustained – without taxing small businesses – once the economic picture changes. Right now, the major field areas for increased financing are:
- Further income tax reduction (see NFIB victories here)
- Health care
- Infrastructure improvements other than transportation
NFIB Idaho will also continue to lobby against perennial issues, such as:
- Local sales taxes
- Minimum-wage increases
- Sales taxes on services