(Des Moines)– There’s been a nearly six-percent increase in state tax receipts in the past five months compared to the same period a year ago.
Jeff Robinson of the Legislative Services Agency says gains in sales and use tax as well as corporate income tax remain significant, while individual income tax growth for the year has been flat. Corporate income tax payments to the state rose more than 19 percent from July through the end of November. State sales tax collections were up two-and-a-half percent during the period.
Robinson says federal economic stimulus and direct payments continue to support consumer spending as Iowa and national employment levels remain well below pre-pandemic levels.
The Legislative Services Agency estimates nine-point-three-billion dollars in additional federal funding flowed into Iowa through enhanced unemployment benefits, loans and other pandemic-related spending.
