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.
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