Iowa’s March 2018 net General Fund revenue was $163.4 million (-29.9%) below the March 2017 revenue level. Cash fiscal year-to-date net receipts are $265.4 million (5.1%) higher than FY 2017.
According to Iowa LSA, three factors complicate month-to-month and year-to-date comparisons.
- Federal tax law changes have increases tax estimate payments.
- Income tax refund processing is ahead of last year’s pace.
- An increase in sales/use tax refunds.
Major sources of revenue affecting FY 2018 year to date revenue are:
Personal income tax +$221.6 MM
Sales/use tax +$104.8 MM
Corp tax +$19.6 MM
Other taxes +$2.3 MM
Other receipts +$4.3 MM
Tax refunds not including school infrastructure refunds -97.6 MM
School infrastructure sales/use tax refunds +$10.3 MM