The latest report on state finances in Iowa shows state tax collections are “slightly” running ahead of last year, by less than one percent.
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That’s Jeff Robinson, a senior fiscal analyst for the Legislative Services Agency. Over the past four months, total tax payments to the state are up nearly, but not quite one percent.
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However, income tax refunds have been higher than officials had expected, plus adjustments to corporate income taxes and franchise taxes have been “a drag” on overall tax collections, according to Robinson. The state’s fiscal year began July 1. State officials have projected net state tax revenue to increase by five-point-six percent over the previous year.