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Iowa general fund receipts fall $232 million through Aug. 1; timing and a January tax cut explain most of the drop
Summary
Iowa’s net general fund receipts fell $232 million (24.3%) in the July 1–Aug. 1 comparison, the Legislative Services Agency reported. The agency attributed a $109 million individual income tax decline to the Jan. 1, 2025, rate change and said calendar and suspense‑account timing explained much of the remainder.
Eric Richardson, senior fiscal analyst at the nonpartisan Iowa Legislative Services Agency, said the state’s net general fund receipts for the July 1–Aug. 1 reporting period declined by $232,000,000 compared with the same period a year earlier. "The revenue decrease for the period totaled $232,000,000, a 24.3% year to date revenue decrease," Richardson said.
Richardson said the largest single component of the decline was individual income tax receipts. "Individual income tax decreased $109,000,000 or 24% over the period," he said, adding that this fall is "likely due to the income tax rate decreasing to a flat 3.8% as of 01/01/2025." He cautioned that the word…
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