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Iowa general fund receipts down through Dec. 3 as tax law changes and PTET reallocations shift revenue mix
Summary
Eric Richardson of the nonpartisan Iowa Legislative Services Agency reported that through Dec. 3 fiscal-year-to-date net general fund receipts fell $55 million (1.8%), with individual income tax up $233 million and corporate income tax down $103 million, driven in part by pass-through entity tax reallocations and impending statutory rate cuts.
Eric Richardson, senior fiscal analyst for the Iowa Legislative Services Agency, said in a November 2024 video memo that Iowa's net general fund receipts for fiscal year 2025 through Dec. 3 decreased $55 million, or about 1.8%.
Richardson said the November memo covered revenue through Dec. 3 because changes in Department of Revenue processing and 2022 changes in sales-tax due dates can make month-end accounting incomplete. "This November video memo will discuss Iowa net general fund revenue for fiscal year 2025 through December 3rd," he said.
Why it matters: the revenue picture affects the state's ability to meet budget projections and informs the Revenue Estimating Conference's December meeting. Richardson noted that gross receipts are up slightly while refunds have increased, and that…
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