Iowa revenues will drop below current spending with new 3.8

Dec 12, 2024 · The main reason for the drop in state revenues is the 3.8% flat income tax rate that will kick in Jan. 1. Iowa's top income tax rate this year is 5.7%. "Tax cuts are clearly what are driving the ...

8%
OFF

Iowa Revenues Will Drop Below Current Spending With New 3.8

4 weeks from now

desmoinesregister.com

7%
OFF

EXPLAINER: Here’s How Much You Could Save When Iowa’s Income …

4 weeks from now

10 hours ago · The state will adopt a flat income tax structure with a tax cut in the new year. Currently, Iowans pay a tax rate that ranges from 4.4-5.7% depending on how much they …

kcrg.com

7%
OFF

Tax Cuts Expected To Reduce State Revenues $600 Million This Year

4 weeks from now

Dec 12, 2024 · “The spending discipline shown by the governor and the General Assembly have served Iowa well,” he said. The state’s individual income tax will fall from a top rate of 5.7% to …

iowacapitaldispatch.com

8%
OFF

State Tax Cuts Result In Decline In Budget Projections

4 weeks from now

Oct 21, 2024 · Tax cuts implemented by the state legislature drops the rate to a flat 3.8% starting next year. The Legislative Services agency predicts fiscal year 2026 revenues will drop below …

1630kcjj.com

3%
OFF

Iowa Revenues Projected To Drop By $500 Million In Each Of Next 2 …

4 weeks from now

Oct 18, 2024 · That would leave Iowa with $8.66 billion in revenue, a 6.3% drop from the prior year. Iowa's projected revenues in fiscal year 2026 are less than the amount of spending …

yahoo.com

8%
OFF

Iowa Republican Lawmakers Reach Deal To Speed Up Flat Tax, Lower …

4 weeks from now

Bill taps Taxpayer Relief Fund, if needed, to pay for 3.8% flat tax. If state revenues drop below state spending during a fiscal year, the bill would take half of the difference from the state's ...

msn.com

8%
OFF

Iowa Lawmakers Vote To Speed Up 3.8% Flat Income Tax, Sending It …

4 weeks from now

The legislation, Senate File 2442, speeds up and builds on a 2022 law that was already set to take Iowa to a 3.9% flat income tax rate in 2026. It passed the Senate Friday morning on a 39 …

msn.com

$200
OFF

Iowa Budget Faces $200M Shortfall Once Income Tax Cut Takes …

4 weeks from now

Oct 17, 2024 · In the current budget, the state is spending $8.9 billion. The state’s economy is growing which will make up for much of that, but it still means lawmakers will have $200 million …

kcrg.com

90%
OFF

Iowa’s Coming Tax Cuts Wouldn’t Cover Current Spending

4 weeks from now

Oct 18, 2024 · The projection of fiscal year 2026—which doesn’t start until next July 2025—had Iowa’s revenue sitting at $8.7 billion. Nearly 90% of those receipts come from personal income …

iowastartingline.com

2%
OFF

Iowa Projected To Collect Less Money As New Flat Tax Takes Effect

4 weeks from now

Mar 10, 2022 · But revenues will begin to drop next year. The state is expected to collect $9.156 billion in fiscal year 2023 for a -0.2% growth rate and $8.960 billion in fiscal year 2024, for a …

desmoinesregister.com

$1
OFF

Iowa Panel Projects $1.1 Billion Drop In State Revenue Next Fiscal …

4 weeks from now

Oct 18, 2024 · The state of Iowa’s Revenue Estimating Conference projected significant decreases in state government revenues in coming fiscal years due to several consecutive …

telegraphherald.com

$8
OFF

Iowa Tax Revenue To Dip Below Current Spending Next Year, State ...

4 weeks from now

May 29, 2001 · The three-member Revenue Estimating Conference published the projections during its meeting Thursday at the Iowa Capitol. Iowa is projected to collect $8.7 billion in the …

rivals.com

FAQs about Iowa revenues will drop below current spending with new 3.8 Coupon?

Why are Iowa's State revenues dropping?

The main reason for the drop in state revenues is the 3.8% flat income tax rate that will kick in Jan. 1. Iowa's top income tax rate this year is 5.7%. "Tax cuts are clearly what are driving the reductions in state revenue," said Kraig Paulsen, the director of the Iowa Department of Management and a Republican member of the panel. ...

Can Iowa spend more than 99% of state revenue?

By law, Iowa cannot spend more than 99% of state revenues. The more than $1 billion projected drop in revenue over two years is the result of Iowa's new 3.8% flat tax, which takes effect Jan. 1. Gov. Kim Reynolds signed the tax cut into law this year. More: Gov. Kim Reynolds signs a new Iowa income tax cut into law. What that means for you: ...

What are Iowa's budget projections?

The projections are used to set Iowa's budget. By law, Iowa cannot spend more than 99% of state revenues. The more than $1 billion projected drop in revenue over two years is the result of Iowa's new 3.8% flat tax, which takes effect Jan. 1. Gov. Kim Reynolds signed the tax cut into law this year. ...

How much revenue will Iowa lose in fiscal year 2026?

The panel expects state revenues to drop by a further $580.2 million in fiscal year 2026, which begins July 1, 2026. That would leave Iowa with $8.66 billion in revenue, a 6.3% drop from the prior year. Iowa's projected revenues in fiscal year 2026 are less than the amount of spending lawmakers approved for fiscal year 2025. ...

Will Iowa have more money than it spent this year?

Iowa will have millions less for its next state budget than it spent this year. Here's why: When Iowa lawmakers return to the Capitol next month, they will have less money to craft a new state budget than they spent this year — courtesy of Iowa's new flat tax. ...

How much revenue will Iowa take in next year?

Iowa is expected to take in $517 million less in revenue in the current fiscal year than it did in the previous year. And revenues are expected to fall by another $580 million next year. The state's three-member Revenue Estimating Conference met Thursday to provide the economic forecast for the state. The projections are used to set Iowa's budget. ...