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LSA: Iowa tax revenue stabilized after pandemic surge; REC projects lower FY25 receipts
Summary
At an LSA presentation, Eric Richardson of the Legislative Services Agency described recent trends in Iowa tax revenue, noted the introduction of the pass-through entity tax, and summarized Revenue Estimating Conference projections that put FY25 net receipts down from FY24.
Eric Richardson, senior fiscal analyst for the Legislative Services Agency, told an LSA “Dollars and Donuts” presentation that Iowa’s statewide tax collections surged during 2021–22 because of federal transfer payments, then stabilized in 2023–24 as tax cuts took effect.
Richardson said the total of state and local net tax revenue for fiscal year 2024 was $19,300,000,000, with 35.5% from local property taxes, 20.8% from sales and use taxes and 19.4% from individual income tax. He also summarized the Revenue Estimating Conference (REC) projections reached on Dec. 12, 2024: “The REC met on 12/12/2024 and agreed to a estimated FY '25 net receipts plus transfers total of $9,154,000,000,” Richardson said, and the REC’s estimate for FY26 net receipts plus transfers was $8,726,000,000.
The presentation…
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