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Iowa Sees 18.6 Percent Increase in Revenue in FY 21 Compared to Previous Year

The Legislative Services Agency reported that Iowa's cash receipts at the end of FY 2021 was 18.6 percent higher than FY 2020, an increase of $1.407 billion.

Iowa TorchbyIowa Torch
July 2, 2021
in State Government
Reading Time: 1 min read
Hendrickson: Fiscal Conservatism Works

DES MOINES, Iowa – The Legislative Services Agency reported that Iowa’s cash-receipts at the end of FY 2021, which ended on Wednesday, was 18.6 percent higher than Fiscal Year 2020. The increase represents $1.407 billion.

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Major sources of revenue and their contributions to the FY 2021 year-to-date revenue change include:

  • Personal income tax – an increase of $782.5 million (16.8 percent)
  • Sales/use tax – an increase of $336.2 million (10.6 percent)
  • Corporate tax – an increase of $335.1 million (51.7 percent)
  • Other taxes – an increase of $21.4 million (6.5 percent)
  • Other receipts – an increase of $13.7 million (4.1 percent)

The state lost $82.4 million in tax refunds. The increases surpassed the FY 21 estimates provided by the Revenue Estimating Conference in personal income tax (13.1 percent), sales/use tax (3.7 percent), and corporate tax (27.8 percent).

Read the entire report below:

LSA FY2021 Revenue
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Tags: Iowa state revenueLegislative Services AgencyRevenue Estimating Conference
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