Idaho closes out fiscal year with $1.4 billion surplus, more tax cuts and investments on the way

Friday July 22, 2022

Boise, Idaho – Governor Brad Little announced today Idahoans can expect more tax cuts and additional investments with the state’s $1.4 billion budget surplus.

“Idaho’s economy is red-hot because of the resiliency of our citizens and businesses. Combined with years of fiscal conservativism, reining in state spending, and our status as the least regulated state in the country, we will be able to provide Idahoans even more tax relief and make key investments where they count,” Governor Little said. “As Idahoans grapple with ever-increasing prices for gas, food, energy, and everything in between under Biden’s watch, in Idaho we are leading the way and showing the rest of the country how to create prosperity for our people.”

Idaho closed the books on the fiscal year 2022 on July 1, and the July revenue figures mean the unobligated ending balance will be $1,381,211,927. Overall, for the fiscal year, revenue grew 23.7-percent. The July 2022 revenue report can be found on the Governor’s budget web site here.

Since Governor Little took office in 2019, the State of Idaho has experienced eight years-worth of revenue growth in just three years.

Idaho is the middle of deploying record tax relief. More than 650,000 Idaho households have received $227.5 million in immediate tax relief this year. The average rebate is $348 per household. The Legislature approved $350 million in immediate tax rebates this year as part of Governor Little’s "Leading Idaho" plan, so thousands more households will receive their checks before the end of 2022.

Idahoans have benefited from $1 billion in tax relief since Gov. Little took office, and another $1.5 billion will be sent back to the taxpayers over the next few years as part of Gov. Little’s Leading Idaho plan.

Governor Little said education investments will continue to top the list of his legislative and budget priorities moving forward.

“This year, we made the single largest investment in public schools in state history. The strength of Idaho’s economy and the sound management of state government mean we will continue to be able to invest record amounts into schools, roads, water, and other key areas to keep up with growth and improve the lives of the people we serve,” Governor Little added.

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