A preliminary report indicates net taxes paid to the State of Iowa over the past 12 months declined slightly when compared to the previous fiscal year.
The state fiscal year ended last Friday, June 30. The initial report indicates the state collected over $9.6 billion in taxes over the past 12 months. By last Friday, total personal income tax payments to the state were down 3%, but corporate income taxes increased more than 7% during the fiscal year. Sales tax payments were also up, by 2.2%.
However, some taxes that have been paid to the state haven’t been transferred to the proper accounts yet. Some sales tax payments that will be counted in the previous 12 months were actually made on Monday and not included in the current data.