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Iowa general fund receipts down $460 million through Feb. 3; PTET decline drives steep drop
Summary
Eric Richardson of the nonpartisan Iowa Legislative Services Agency reported net general fund receipts fell $460 million (8.6%) through Feb. 3, 2025, driven largely by a $453 million decline in "other taxes" tied to the pass-through entity tax (PTET) and rising refunds.
Eric Richardson, senior fiscal analyst with the Iowa Legislative Services Agency, said Friday that Iowa’s net general fund receipts fell $460,000,000, or 8.6 percent, through Feb. 3, 2025, compared with the same period a year earlier.
Richardson said the decline was driven mainly by a $453,000,000, or 71.4 percent, drop in “other taxes” tied to a reduction in pass-through entity tax (PTET) receipts and continuing PTET tax credit claims. "Through February 3, net general fund receipts show a growth of negative $460 million and minus 8.6%," Richardson said.
The drop in PTET receipts and credit processing has also affected the composition of…
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