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Iowa general fund receipts down through Dec. 3 as tax-law changes and corporate weakness bite
Summary
A November 2025 revenue memo from the Iowa Legislative Services Agency reports fiscal-year net receipts falling $221 million (7.3%) through Dec. 3; individual income tax cuts and a sharp drop in corporate payments drove much of the decline. The Revenue Estimating Conference will reconvene Dec. 11 to update projections.
DES MOINES — Eric Richardson, senior fiscal analyst at the Iowa Legislative Services Agency, said in the November 2025 General Fund monthly revenue memo that through Dec. 3 net General Fund receipts decreased $221,000,000, or 7.3%, for the fiscal year.
"Through December 3 and on a fiscal year basis, net receipts decreased $221,000,000 or 7.3%," Richardson said. He attributed part of the decline to a one-time change in tax law: "individual income taxes decreased by $249,000,000 or 16.5% as the individual income tax rate decreased to a flat 3.8% in tax year 2025."
Richardson noted mixed performance across major tax sources. Sales and use tax collections were up…
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