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Iowa general fund down $742 million through June 3; PTET decline and tax cut cited
Summary
Eric Richardson of the Iowa Legislative Services Agency reported the state's FY2025 net general fund receipts were $742 million (9%) below last year through June 3, driven largely by a fall in pass-through entity tax (PTET) revenue and lower income-tax payments; the Revenue Estimating Conference projects FY2025 net receipts down 6.1%.
Eric Richardson, senior fiscal analyst for the Iowa Legislative Services Agency, reported that Iowa's net general fund revenue through June 3, fiscal year 2025, was $742,000,000 lower than the same point in FY2024 — a decline of about 9% year to date. "The most recent revenue estimating conference estimate for total net receipt growth, excluding transfer revenue, for FY 2025 is negative 6.1%," Richardson said.
The decline is concentrated in pass-through entity tax (PTET) activity and income tax payments. Richardson told viewers that net insurance and other taxes fell by $729,000,000, driven by a drop in PTET revenue; PTET had…
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