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Iowa revenue ticks upward amid slow job improvement

Posted at 9:47 AM, Mar 20, 2021
and last updated 2021-03-20 10:47:46-04

DES MOINES, Iowa (AP) — A panel of Iowa budget experts says they expect higher than anticipated state revenue this year and they remain cautious about predicting a quick recovery.

The Revenue Estimating Conference on Friday increased the current year estimate of revenue to $8.07 billion or 1.9% growth from the previous year. That is up from a December estimate of 0.5% growth and $7.96 billion in revenue.

The panel estimates state revenue will also increase in the following two years. If the estimated 3.8% growth for the 2022 fiscal year is realized, tax cuts approved in 2018 will not kick in.

That’s because legislators require at least 4% revenue growth before lowering the tax brackets.

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