There’s been a noticeable drop in farm income in Iowa this year, but the rest of the state’s economy is on the upswing.
The State of Iowa collected nearly $970 million in gros tax receipts in May. There has been only one other month in Iowa history when more taxes were taken in by the state and that was back in May of 2013. State tax receipts for the past 11 months are more than six percent higher than during the same period in the previous fiscal year.
Iowans have paid nearly 22 percent more in personal income taxes to the state. That growth in salaries and wages more than makes up for the dip in farm income.