Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Iowa REC trims FY2026 revenue forecast; sets FY2027 estimate at $8.394 billion
Summary
Eric Richardson, senior fiscal analyst for the Iowa Legislative Services Agency, said net general fund revenue for fiscal year 2026 is down 6.7% through Nov. 3, about $165 million, and that the Revenue Estimating Conference on Oct. 16 reduced the FY2026 estimate by $358 million.
Eric Richardson, senior fiscal analyst for the Iowa Legislative Services Agency, said net general fund revenue for fiscal year 2026 is down 6.7% through Nov. 3, 2025, a decline he quantified as about $165 million. "Through November 3, net revenue on a fiscal year basis has decreased 6.7%," Richardson said.
Richardson attributed much of the near-term decline to state tax rate reductions that took effect for tax year 2025, most notably a reduction of the individual income tax to a flat 3.8% effective Jan. 1, 2025. He said individual income tax net revenue has fallen $180 million (14.6%) through Nov. 3. Corporate net receipts are…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
