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Iowa general fund net revenue fell $816.6 million in fiscal 2025; Revenue Estimating Conference to set new estimates Oct. 16
Summary
The Iowa Legislative Services Agency reports final fiscal 2025 general fund net receipts fell $816.6 million (8.4%) from FY2024, driven largely by a drop in pass‑through entity tax revenue; preliminary FY2026 through Oct. 1 is down $205 million (11.1%). The Revenue Estimating Conference will adopt new estimates for FY2026–FY2027 on Oct. 16.
Eric Richardson, senior fiscal analyst at the Iowa Legislative Services Agency, said in a September 2025 video memo that final net general fund revenue for fiscal year 2025 decreased by $816,600,000, a decline of 8.4% from fiscal year 2024. Richardson said the state now has final fiscal‑year figures because accounting accruals that move late deposits and refunds back to the fiscal year in which the economic activity occurred were completed in September.
Richardson emphasized the effect of pass‑through entity (PTE) tax flows on the year‑over‑year totals. He said other taxes fell largely because net PTE tax revenue totaled about $175 million in FY2025, down from about $862 million in FY2024 — a decline of…
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