BOISE, ID. (AP) — The chairman of the Idaho State Tax Commission says Idaho’s economy is strong, but the state faces a likely $350 million cash-flow problem due to changes in tax laws.
Ken Roberts told members of the Economic Outlook and Revenue Assessment Committee on Thursday the problem will likely work itself out, but it’s possible that about $50 million might not come in until after the current fiscal year.
Roberts says the two main factors in the cash-flow problem are taxpayers underwithholding from paychecks and the elimination of a type of tax deduction for high earners.
The cash-flow problem described by Roberts has caused uncertainty among state lawmakers trying to calculate the state’s budget.
State officials say taxes could come in after the Legislature finishes its work, which is anticipated sometime in late March or early April.