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IOWA TAX REVENUE PROJECTED TO INCREASE

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A STATE PANEL IS PREDICTING TAX REVENUE FOR THE STATE OF IOWA WILL CONTINUE TO GROW AT A STEADY CLIP OVER THE NEXT COUPLE OF YEARS.

MICHAEL BOUSSELOT, THE GOVERNOR’S BUDGET DIRECTOR, IS ON THE STATE REVENUE ESTIMATING CONFERENCE.

REVENUE1 OC……..THE NUMBERS.” :12

THE PROJECTIONS SUGGEST TOTAL TAX RECEIPTS FOR THE STATE WILL BE THREE-POINT-EIGHT PERCENT HIGHER IN THE NEXT FISCAL YEAR, WHICH STARTS JULY 1ST.

THE FOLLOWING YEAR, THE PANEL ESTIMATES TAX COLLECTIONS WILL GROW EVEN MORE, BY FOUR-AND-A-HALF PERCENT.

GOVERNOR KIM REYNOLDS SAYS IT MEANS LEGISLATORS CAN ELIMINATE TAX REVENUE BENCHMARKS AND LET A SERIES OF STATE INCOME TAX CUTS TAKE EFFECT MORE QUICKLY.

THE GOVERNOR’S BUDGET DIRECTOR SAYS THE FUTURE STATE TAX REVENUE PREDICTIONS ARE BASED ON CONSUMER CONFIDENCE AS SECTORS OF THE ECONOMY LIKE MANUFACTURING AND HOME BUILDING ARE GROWING.

REVENUE2 OC………LONGER TERM.” :11

HOLLY LYONS OF THE LEGISLATIVE SERVICES AGENCY, ANOTHER MEMBER OF THE GROUP THAT SETS STATE TAX ESTIMATES, SAYS THERE’S PENT UP DEMAND FOR GOODS AND SERVICES.

REVENUE3 OC……..OF NEW LIFE.” :14

DAVID UNDERWOOD, A C-P-A FROM CLEAR LAKE, IS THE THIRD MEMBER OF THE GROUP THAT SETS STATE TAX ESTIMATES, SAYS THERE’S STILL UNCERTAINTY IN THE ECONOMY AND HE’S A BIT MORE CAUTIOUS ABOUT STATE TAX RECEIPTS THAN THE OTHER TWO MEMBERS OF THE PANEL.
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