• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / News / Pace of tax payments to State of Iowa 6.2% ahead of last year

Pace of tax payments to State of Iowa 6.2% ahead of last year

May 10, 2019 By O. Kay Henderson

As of last Friday, May 3, state tax collections were running $351 million ahead of the previous year.

That’s a more than 6% increase in tax payments to the state over the past 10 months. It’s also 1.5% above the prediction a panel of experts made in March.

Jeff Robinson of the Legislative Services Agency says his analysis intentionally included the first few days in May.

“Twenty-five to 30 percent of the month’s gross revenue deposits occur over the first three processing days of May,” Robinson says.

That’s mostly because April 30 is the deadline for quarterly income tax withholding payments to the state, as well as quarterly payments of sales taxes. April 30 is also the final day for submitting individual income tax returns to the state. Based on last year’s data, Robinson expects most income tax refunds to be paid out by the end of May.

“This is a significant unknown when evaluating how solid the 6.2% revenue growth really is,” Robinson says.

There are two other major factors at work in the final seven weeks of the state fiscal year. The state income tax cuts the Republican lawmakers approved in 2018 didn’t go into effect until January of this year, so there’s likely a reduction in state income tax withholding payments. At the same time, it appears there’s been an uptick in sales tax payments to the state. That’s because GOP lawmakers voted to apply the sales tax to more online transactions, like Netflix subscriptions and Uber rides.

Share this:

  • Facebook
  • Twitter

Filed Under: News, Politics / Govt Tagged With: Legislature, Taxes

Featured Stories

Governor signs child care expansion into law

Iowa seniors have until July 1 to apply for new property tax break

Smoke from distant fires creates colorful sunrise in Iowa

DOT’s Motor Vehicle Enforcement Division to merge into State Patrol

Iowa’s governor approves liability limits for trucking industry

TwitterFacebook
Tweets by RadioIowa

Radio Iowa/Baseball Coaches Association High School Poll 6/5/23

Iowa eliminated at NCAA regional

Iowa names Beth Goetz interim AD

Cyclone Trio Invited to USA Basketball U19 Training Camp

Cameron Young to compete at the John Deere Classic

More Sports

Archives

Copyright © 2023 ยท Learfield News & Ag, LLC