State Tax Revenues Outpace Expectations by $619 Million

(Des Moines, IA)  —  New numbers show the State of Iowa collected ten-point-six-billion dollars in taxes and fees during the fiscal year that ended June 30th.  That’s 619 million more than officials estimated in March.  One reason the current surplus is so much higher than predicted is because officials had expected the state would pay out “considerably” more in tax refunds, according to Jeff Robinson of the Legislative Services Agency.  But he warns the state is still due to send some local option sales tax money to local school districts and other calculations are still being made.  Robinson says some transactions related to fiscal year 2021 will continue to be processed into the second half of September.