Iowa City Today

Iowa City Today

Wednesday, April 1, 2020

State revenues continued to grow through November


By Chris Adams | Jan 1, 2020

The north side of the Iowa State Capitol in Des Moines. | Author: Dave Parker; Creative Commons Attribution 3.0 Unported license

The Iowa House Republicans reported in a December newsletter that revenue collections in the state continued to see growth through November.

The Legislative Services Agency (LSA), a nonpartisan group, reported the state received a 10.4 percent increase in revenue, or $58.9 million, more than what was collected in November 2018.

During the five months of FY 2019, state revenue rose 6.4 percent. 

"This puts revenue collected ahead of the Revenue Estimating Conferences projection of 1.5 percent growth from their October meeting," the newsletter states.

In addition, personal income tax receipts exceeded November 2018 figures by 3.2 percent and estimate payments and payments with returns were more than last year’s levels for the same month. Withholding payments also dipped and tax refund payments dropped $36 million compared to November 2018.

"The lower refund numbers are believed to be a result of the change in personal income tax tables, with fewer dollars being withheld from Iowans’ paychecks," the newsletter states.

Moreover, corporate income tax collections experienced a rise in November, generating $17.8 million for state coffers. This was a marked decrease from the more than $21 million collected in November 2018.

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