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Iowa general fund revenue falls 7.1% in FY2025; PTET decline and corporate receipts weigh on totals
Summary
Iowa's net general fund revenue for fiscal year 2025 declined 7.1% compared with FY2024, driven by a steep drop in pass-through entity tax receipts and lower corporate income taxes, state fiscal analysts said.
Iowa's net general fund revenue for fiscal year 2025 decreased 7.1 percent, a decline of $629 million compared with the same period in fiscal year 2024, Eric Richardson, senior fiscal analyst for the Iowa Legislative Services Agency, said in the agency's June monthly revenue video memo.
Richardson said individual income tax grew about 1 percent and sales and use tax grew 1.5 percent for the period, while corporate income tax receipts fell about 5.7 percent. He said net insurance and other taxes decreased 54.9 percent “primarily due to a decrease of 77.8 percent from the pass through entity tax or…
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