Tax payments to the State of Iowa increased dramatically in the past 12 months, far beyond expectations.
The state fiscal year ended June 30 and net revenue grew by more than 12 percent. However, accounting records aren’t final yet — some tax refunds must be paid, for example.
“Fiscal Year 2022 net revenue growth is significantly positive through the end of June,” Legislative Services Agency fiscal analyst Jeff Robinson said, “and while additional Fiscal Year 2022 deposits and tax refunds will be processed over the next two and one half months, we should expect the final growth for the year to be above projections and this will result in additional revenue beyond the current budgeted amounts.”
The official estimate of state tax revenue for the fiscal year was sest in March at 4.2%. It appears actual receipts may be at least twice that much.
State officials will release the final report on the just-concluded state fiscal year in September.