Tax cuts reverse revenue growth next year
DES MOINES, Iowa (AP) — A state panel monitoring Iowa income trends said Thursday that growth continues at a healthy pace, but tax changes signed by Gov. Kim Reynolds the week could reverse this trend from next year.
The revenue estimate conference said state revenue would rise 4.3% this year, generating net revenue of $9.17 billion. For next year, however, growth is expected to reverse as Republican-crafted tax cuts take effect, causing tax revenue to fall 0.2% to $9.16 billion.