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%).