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Iowa general fund revenues fall $742 million year to date; pass‑through tax and withholding drive shortfall
Summary
A May 20, 2025 Legislative Services Agency video memo reported Iowa net general fund receipts were down $742 million (‑9% YTD) through June 3, 2025, with declines largely tied to pass‑through entity tax activity and lower income tax withholding; the Revenue Estimating Conference projects FY2025 receipts down 6.1%.
Eric Richardson, senior fiscal analyst at the nonpartisan Iowa Legislative Services Agency, said in a May 20, 2025 video memo that Iowa’s net general fund revenue through transactions processed on June 3, 2025 fell $742,000,000 on a fiscal‑year basis, a 9% year‑to‑date decline.
Richardson said much of the decline—$729,000,000—was tied to a decrease in net insurance and other taxes resulting from a drop in pass‑through entity tax (PTET) activity. “Revenue was decreased $742,000,000 on a fiscal year basis or minus 9% year to date,” Richardson said. He noted that PTET was introduced retroactively to tax year 2022 during FY2024.
The Le…
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