A greater amount of Iowa income tax refunds has been issued so far this tax season when compared to this time last year. According to the Legislative Services Agency, $52 million more in individual income tax refunds has been issued in the past two months compared to January and February of last year.
“As the filing of tax returns for tax year 2019 has just begun, it is not possible yet to determine if the jump in tax refunds will be sustained or if it’s just that the process of issuing individual income tax refunds began a little sooner this year,” says Jeff Robinson, senior fiscal analyst for the Legislative Services Agency.
Over the past eight months, total state tax revenue was 5.7% higher.
“But it is early in the tax year 2019 processing season, with the vast majority of tax returns yet to be filed and processed,” Robinson says.
The deadline for filing state income tax returns is April 30.