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Iowa general fund posts $232 million drop in July amid calendar and processing shifts, analyst says
Summary
Eric Richardson of the nonpartisan Iowa Legislative Services Agency said net general fund revenue fell $232 million (24.3%) for the cash year July 1–Aug. 1, 2025, driven by income-tax rate changes and timing differences from due-date and deposit-processing shifts that affected sales and other taxes.
Eric Richardson, senior fiscal analyst for the nonpartisan Iowa Legislative Services Agency, said in the agency’s July 2025 video memo that Iowa net general fund revenue for the cash year July 1–Aug. 1, 2025, decreased by $232,000,000, a 24.3% year‑to‑date decline compared with the same period a year earlier.
Richardson said income tax receipts fell $109,000,000 (about 24% for the period), which he said is likely linked to the change to a flat income tax rate of 3.8% that took effect Jan. 1, 2025. He said other taxes fell by about $106,000,000, a decline he attributed to calendar and deposit‑processing effects rather than immediate underlying economic activity.
The memo explained two specific…
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