A report on tax collections since July 1st of 2022 shows state revenue is up 1.9% compared to the previous 10 month period.
In March, the State Revenue Estimating Conference predicted state tax revenue would drop by half a percent this fiscal year. The uptick in actual tax receipts happened despite the state paying out $107 million more in state income tax refunds than it did through the end of April last year.
Jeff Robinson of the Legislative Services Agency says there’s been a bit of a slow down in overall state tax collections since April 3, though. That includes a dip in sales tax payments to the state.
Iowans who filed their 2022 state income tax returns by May 1 and are owed a refund should get it within the next two weeks according to Robinson.