May 2025 Monthly Revenue Memo
Iowa Legislative Services Agency · June 10, 2025
A May 20, 2025 video memo from the Iowa Legislative Services Agency reported a $742 million year-to-date drop in net general fund revenue through June 3, 2025 (‑9% YTD), driven primarily by changes in pass‑through entity tax activity and lower income tax withholding; the memo contrasted FY2025 with prior years and noted the latest Revenue Estimating Conference projection is ‑6.1% for FY2025.
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