Boise (670 KBOI News) – Idaho’s revenue gap is closing, just as many at the Idaho Division of Financial Management thought would happen after April.

Derek Santos is the chief economist at the Division…he says thanks to better-than-expected receipts from all tax categories, they closed the gap by 50% from March.

“It’s starting to close that shortfall gap that we had,” said Santos.  “So for instance, for the year-to-date in January, we were down about $128.3 million, and we’ve reduced that to less than $40 million now.”

The revenue gap came about largely because individual taxpayers didn’t adjust their withholding after the $200 million dollar tax cut passed in 2018.

Fiscal 2019 ends June 30th…Santos says they very well could close the gap entirely by then.