A panel of budget experts predicts state tax collections in Iowa will grow by nearly five percent next year — and lower gas prices may help fuel that increase. Iowa Department of Management director Dave Roederer is one of three members of the state Revenue Estimating Conference.
Holly Lyons, the director of the Legislative Services Agency, is also on the state Revenue Estimating Conference. She says savings at the pump COULD translate into higher tax collections, depending on how consumers react.
In the current year, the panel predicts state tax collections will amount to just under seven billion. In the following budgeting year, their prediction is that the state will collect over seven billion in taxes. However, that extra money may not quite match all the promises legislators made in the past to boost spending on education reform and property tax relief.
