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Iowa general fund receipts fall $816.6 million in FY2025; Revenue Estimating Conference to revisit forecasts Oct. 16
Summary
A September 2025 memo from the Iowa Legislative Services Agency reports FY2025 general fund net revenue declined $816.6 million (8.4%) from FY2024, driven by pass‑through entity tax shifts and recent state income tax rate cuts; the Revenue Estimating Conference will use the final numbers to set estimates for FY2026–27.
Iowa’s general fund net revenue fell by $816,600,000, or 8.4 percent, in fiscal year 2025 compared with FY2024, the Iowa Legislative Services Agency reported in a September video memo.
Eric Richardson, senior fiscal analyst for the nonpartisan agency, said the decrease reflects a mix of tax‑policy shifts and accounting timing. “General fund net revenue for the year decreased $816,600,000, or minus 8.4% compared to fiscal year 2024,” Richardson said in the memo.
The memo attributes much of the change to movements in pass‑through entity tax (PTET) activity and state tax law changes. Richardson said PTET‑related receipts in the “other tax” category fell by about $687 million year over year — from a net $862 million in FY2024 to roughly $175 million in…
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