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Taxes

General Fund Receipts Through October 2017

posted on November 2, 2017

Over the last 12 months, Iowa collected $8.501 BILLION from taxpayers. This is an increase of $354.4 million compared to the prior 12 months.

Seven of the eight major tax categories increased year-over-year:

  • Individual Income Tax increased $172.5 million (4.9%)
  • Corporate Income Tax increased $82.6 million (22.4%)
  • Sales/Use Tax increased $76.1 million (2.8%)
  • Fuel Tax increased $19.5 million (2.9%)
  • Gambling Tax increased $2.1 million (0.7%)
  • Real Estate Transfer Tax increased $1.5 million (7.1%)
  • Cigarette and Tobacco Tax increased $1.7 million (0.8%)

The only tax category with a decrease in collections of the 12 month period was the Bank Franchise Tax, a decrease of $3.4 million (-7.9%).

Source: www.legis.iowa.gov/docs/publications/TT/864905.pdf