Statewide, Iowa (RI) – State tax collections in August were nearly $42-and-a-half million below the total taxes paid to the state in August of last year.
That 6.7 percent drop is mainly due to a decline in the amount of income taxes Iowans are paying after a series of tax cuts enacted over the past few years. A report from the Legislative Services Agency shows that in the months of July and August, state income tax receipts fell 18.6%.
In March, a state panel estimated total state tax revenue will fall by well over half a billion dollars during the current fiscal year. Corporate income tax payments and sales tax revenue grew in August, but not enough to offset reduced income tax payments from individuals and couples.
KIWA Staff Photo
