(Boise, Idaho) – Governor Brad Little today commented on the news that Idaho concluded Fiscal Year 2024 with another strong performance, further underscoring Idaho’s economic strength, prudent fiscal management and focus on taxpayers.

Idaho residents will receive an estimated $76.5 million in additional property tax relief in the future, on top of the hundreds of millions of dollars in property tax relief they received last year, following the passage of a property tax cut measure for 2023 as part of Governor Little’s “Idaho First” plan. Due to strong revenues, particularly stable sales tax trends, Idaho closed fiscal year 2024 with a $52.5 million surplus that will go directly to property tax relief, and the state will invest an additional $24 million of unspent agency funds into property tax relief as well.

“The Legislature and I are proud to provide even more tax relief to help Idahoans combat the terrible impacts and rising costs of inflation caused by the Biden-Harris administration. What Idaho is doing is working. Our conservative approach to governing means we promote economic prosperity, restrict government spending, and manage our budget with cash reserves, unlike Washington, DC. We also have the largest nest egg ever available to help us weather any economic storm,” Said Governor Little. “Idaho is committed to ‘kitchen table economics’ just like ordinary Idahoans. Washington, DC could reduce the national debt if it followed Idaho’s example!”

The state government is able to implement the tax cut because revenues were higher than expected and the authorities spent less than budgeted. In addition, the state has a final balance of $320 million that will be carried over into fiscal year 2025. This puts the state in an excellent position to cushion any economic uncertainty.

Idaho is leading the nation in delivering historic tax relief to our people. In addition to the property tax relief announced today, the State of Idaho is on track to return $4.6 billion in tax relief to the people of Idaho since Governor Little took office in 2019 – more than any other state per capita. The tax relief included a new, lower flat income tax, lower payroll taxes for Idaho businesses, and an enhanced grocery tax credit.

In addition, Moody’s Ratings upgraded Idaho to AAA last week for Idaho’s sales tax bonds and its school guarantee program, including an upgrade for Idaho’s transportation bonds. The rating saves taxpayers even more money in the long run. The ratings reflect Idaho’s overall economic strength, which is characterized by the state’s strong performance on the sales tax used to back these bonds, and gives the state favorable bond credit ratings, which lowers interest rates and improves financial performance.

More importantly, it reflects Idaho’s strong creditworthiness, which is driven by the stability of state revenues, confidence in Idaho’s growing economy, and low debt and long-term liability burden.

“Idaho remains one of the strongest economic states in the United States and continues to lead all states in population growth (including prime working age), employment, GDP and income. The state’s economic expansion leads to a steady increase in revenue, which in turn contributes to the increase in reserves and cash balances,” says the report.

The rating upgrades come at a time when Idaho is making historic new investments in school facilities and has $1 billion available for public school facility upgrades. Because Idaho is raising these funds through bonds, the improved credit rating means lower borrowing costs, ensuring that a larger portion of school facility investments goes toward construction and the actual costs of upgrading and replacing school buildings.