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Taxes

Tax collections expected to be down this year, up slightly in next year

by O. Kay Henderson on March 11, 2010

in Business & Economy, Politics & Government

Revenue Estimating Conference members, from left to right, David Underwood, Richard Oshlo and Holly Lyons.

Revenue Estimating Conference members, from left to right, David Underwood, Richard Oshlo and Holly Lyons.

The three-member panel which sets the official estimate of state tax revenue has decided tax collections for the current year will be down about $900,000.

The three-member “Revenue Estimating Conference” projects the state will collect just over $5.4 billion in a variety of taxes for the fiscal year that began July 1st, 2009 and concludes on June 30th.

Legislative Services Agency director Holly Lyons says she hopes she and the other two panel members are wrong about state tax collections and, ultimately, the state of the Iowa economy, but they wanted to err on the conservative side.

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Tagged as: Taxes

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Democrats plot changes in state tax credits

by O. Kay Henderson 03/11/10 12:38 PM

Democrats in the legislature plan to enact a series of changes in state tax credits and they’ll continue the suspension of the state tax credit for films for at least two more years.  Senator Joe Bolkcom, a Democrat from Iowa City, says lawmakers want to establish a permanent “Tax Expenditure Committee” as well to monitor [...]

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Harkin encouraged by vote on biodiesel

by Matt Kelley 03/11/10 11:13 AM

A tax credit on biodiesel fuel that expired in December, virtually shutting down that portion of Iowa’s renewable fuels industry, is being revived. The U.S. Senate voted Wednesday to extend the dollar-a-gallon tax credit through the end of 2010.
Iowa Senator Tom Harkin says he’s encouraged by the vote for biodiesel. “It passed by 63 to [...]

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Group says legislators should close tax credit “loophole”

by O. Kay Henderson 03/8/10 2:13 PM

The recently-formed “Coalition for a Better Iowa” is calling on legislators to close “loopholes” which they say let businesses claim millions in unwarranted tax credits. Kelli Soyer, executive director of the Iowa chapter of the National Association of Social Workers, says that money would be better spent on “vulnerable” children and families.
“With the budget numbers [...]

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State tax collections down 6.5 percent

by O. Kay Henderson 03/1/10 12:22 PM

State tax receipts are down about 6.5 percent for the first eight months of the state fiscal year. 
A Legislative Services Agency report shows personal income tax withholding payments to the state were down more than 7 percent in February compared to the same month a year ago.  And sales taxes were off nearly 10 percent.  Jeff Robinson, [...]

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Report reveals research tax credit information

by O. Kay Henderson 02/16/10 9:00 AM

The Iowa Department of Revenue has released a first-of-its-kind report revealing the names of companies which received a research activities tax credit from the state worth $500,000 or more. A new state law requires such disclosure for all such research activities tax credit applications after July 1st.
Senator Joe Bolkcom, a Democrat from Iowa City, says [...]

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Auditor accuses governor of submitting unbalanced budget

by O. Kay Henderson 02/10/10 11:40 AM

The Republican state auditor is accusing the state’s Democratic governor of failing to submit a balanced budget plan to the legislature in January.  State Auditor Dave Vaudt says Governor Culver’s entire state spending outline is $400 million ”out of balance.”
“I can write 1+1=3 on a sheet of paper, but we all know it doesn’t work,” Vaudt says. [...]

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