State tax collections were nearly five percent higher last month when compared to the state’s tax haul during December of 2017. Jeff Robinson is a senior fiscal analyst for the Iowa Legislative Services Agency.
That happens because of the IOWA income tax deduction for FEDERAL taxes paid. When FEDERAL taxes decrease, the deduction shrinks — and Iowans wind up paying more in STATE income taxes. State tax collections for the past six months are more than SEVEN PERCENT higher than during the same period last year.
The CURRENT state fiscal year that ends June 30th. Experts predict state tax revenue will grow by four-point-seven percent for the entire 12-month period.
