Swift Financial Turn Around Keeps Exemption Safe
In 2003, the state of Idaho experienced much of the same budget worries as many other states, although not to the same degree of severity. The 2003 Idaho legislature reacted, during the longest session in our history, by increasing the sales tax by 1? for two years. Income from that increase, a rebounding economy, state fiscal responsibility, and some one-time federal payments all combined to restore the budget to a positive outlook for 2004 and beyond. The fact that Idaho already had its financial house in order was largely responsible for the swift turn around. Idaho's balanced tax structure stimulates the growth of business, especially in the number of new businesses moving to the state, resulting in a low unemployment rate and an increasingly vibrant local economy. Idaho credit unions have contributed to this success in their local communities by helping more than 450,000 Idahoans realize their financial dreams.