Des Moines, Iowa — A panel of financial experts has raised its prediction of state tax revenues for the current state budgeting year — and is predicting tax collections will grow one-point-seven percent in the next fiscal year, which starts July 1st.
David Underwood, a CPA from Clear Lake, says the pandemic is the biggest uncertainty in the economy.
Underwood is one of three members of the state’s Revenue Estimating Conference. Kraig Paulsen, director of the Iowa Department of Revenue and acting director of the Iowa Department of Management, is another member of the group.
Paulsen, though, says the number of Iowans working continues to lag and there are far more job openings than people actively looking for work. Holly Lyons of the Legislative Services Agency is also a member of the state Revenue Estimating Conference. Lyons says there are headwinds facing the economy.
The group predicts tax receipts in the current fiscal year will rise three percent — and the so-called Taxpayer Relief Fund will grow to more than two BILLION dollars.
