State tax revenue continues to climb and, for the first time ever, the State of Iowa is on pace to collect more than six billion dollars in taxes in a single year. According to the Legislative Services Agency, state tax receipts for the past eight months total more than three-point-eight billion dollars. That is better than six percent more than was collected during the same period a year ago.
If that pace continues, state tax revenue for the fiscal year that ends June 30th will exceed the official prediction established by three financial experts. That panel predicted state tax revenues would rise just under five percent this year. Barring an unforeseen economic downturn, analysts say it appears the state is on pace to easily eclipse the six-billion dollar mark in tax collections.