(Des Moines) - The State of Iowa had a really good year when it comes to tax revenue thanks to the Feds. Jeff Robinson of the Legislative Services Agency says so far, over six point seven billion dollars has been collected.
“The prize of the year was the large jump in personal income tax due to people getting their dividends, capital gains, and income earlier than they normally would to avoid the federal income tax increases coming.”
However, Robinson says changes in federal tax law increased Iowa tax liability. He says without those changes, it would have been a “very modest gain year.” The largest increase came from personal income tax collections, which were up 12.4 percent.
Iowa Radio Network
July 2, 2013