• 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 / Experts predict a 1.4% increase in state tax revenue

Experts predict a 1.4% increase in state tax revenue

October 14, 2019 By Radio Iowa Contributor

REC members David Underwood, a Clear Lake CPA; Dept of Management director Dave Roederer and Legislative Services Agency director Holly Lyons. (file photo)

The governor’s budget director is urging caution as state tax revenue growth is expected to be much lower this budget year than in the previous one. Iowa Department of Management director Dave Roederer says he doesn’t think a recession is near, but he has concerns.

“While everything looks pretty good, there are still some warning signs out there.”

Roederer cites the combination of recent tax law changes at the state and federal level, lower-than-expect wage growth and unfinished trade agreements. Roederer and the two other members of the panel that sets the official estimate of future state tax revenue met today. David Underwood, a businessman from Clear Lake, says unfinished trade deals are a big concern in Iowa’s economy.

“I’m disappointed that we at this point still have so much uncertainty still hanging over us which makes it difficult for me to see the rosy side of it,” Underwood says. “And I guess looking at the numbers we’ve got before us today, I think we have to continue to be a little bit cautious.”

The state Revenue Estimating Conference predicts state tax collections will grow just 1.4% this year. The group meets again in December to set the estimate for next year’s state tax collections that will be used by lawmakers to draft next year’s state budget.

(Thanks to Iowa Public Radio’s Katarina Sostaric)

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

Hawkeye women to play Virginia Tech

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

More Sports

Archives

Copyright © 2023 · Learfield News & Ag, LLC