Iowa state tax revenues continue to lag. The state collected nearly three percent less in overall taxes in October compared to the same month a year ago…
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That’s Jeff Robinson, an analyst for the Legislative Services Agency. Individual income tax payments to the state were up five percent last month, but corporate income tax refunds were pretty large.
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Sales and use taxes account for a big chunk of tax collections, but sales and use tax payments to the state were down one-point-three percent in October.
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Experts had predicted overall state tax revenue would be growing at a four percent clip, but Robinson says there’s been just a slim, tenth-of-a-percent increase since July 1st…..
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A three-member panel of financial experts will meet in December to review the data and set an official estimate of state tax collections. That estimate must be used by the governor and lawmakers as they draft next year’s state budget.