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Iowa general fund revenue falls $729 million through May 2; pass-through entity tax, lower withholdings cited
Summary
The Iowa Legislative Services Agency reported net general fund revenue was down $729 million (9.9%) through May 2, 2025, driven by lower pass-through entity tax receipts, increased refunds and a drop in income tax withholding, leaving year-to-date growth below the Revenue Estimating Conference projection.
Eric Richardson, senior fiscal analyst with the Iowa Legislative Services Agency, said in the agency's April 2025 video memo that Iowa's net general fund revenue through May 2 fell $729,000,000, or 9.9%, compared with the same period in the prior fiscal year.
Richardson said gross receipts through May 2 were down 6.8%, but the larger decline in net revenue reflects a 10.7% increase in tax refunds issued from the general fund year to date. "Revenue has decreased $729,000,000 on a fiscal year basis or negative 9.9% year to date," Richardson said.
Why it matters: the year-to-date decline keeps growth below the Revenue Estimating Conference's most…
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