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Iowa general fund receipts down $374 million through Feb. 3 as tax-law shifts cut income collections
Summary
A Legislative Services Agency monthly memo says net general fund receipts fell $374 million (−7.7%) year to date through Feb. 3, 2026, driven by lower individual and corporate income tax collections partly tied to recent rate reductions; sales tax receipts rose modestly.
Eric Richardson, senior fiscal analyst at the Legislative Services Agency, reported in the agency's January 2026 video memo that Iowa's net general fund receipts decreased by $374,000,000, a 7.7% decline, through Feb. 3, 2026.
Richardson said the drop reflects a mix of tax-law changes and changes in refund patterns. "Through February 3, net general fund receipts decreased by negative $374,000,000 and minus 7.7%," he stated in the memo. Only one of the three main general-fund revenue sources increased: sales and use tax, which rose 6.9%. Individual income tax collections fell 14.8% and corporate income tax fell 32.7% over the same period.
The memo…
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