State tax collections over the past 11 months are running more than six percent ahead of the same period a year ago.
In the month of May alone, Iowa tax revenue reached an all-time high — $794.5 million.
State sales tax receipts in May were nearly eight percent higher than May of last year. Personal income tax payments to the state are about four-and-a-half percent ahead of last year. April 30th was the deadline for filing 2011 personal income tax payments to the state.
A three-member panel of experts had predicted state tax collections would be up by two-point-six percent, so actual growth is far ahead of that pace. It also means the state’s healthy surplus will grow even larger when the state’s fiscal year ends June 30.
Read the Legislative Services Agency report on May tax collections here.