The Iowa Revenue Estimating Conference (REC) met this week, estimating the amount of revenue the legislature can expect in the current and upcoming fiscal year beginning in July. The conference estimates the state will receive over $9.6 billion for the fiscal year that ends June 30th, and a surplus of over $1.6 billion, 1.9% less than the revenue received in the fiscal year that ended June 30th, 2022.

State Senator Julian Garrett tells says the REC says the reduction is mostly due to the reductions in personal income tax and corporate income tax rates, in addition to the elimination of taxes on retirement income.

The predicted income for FY2024, that begins July 1, 2023, is over $9.6 billion, with an estimated surplus of $857 million. Senator Garrett said he expects the state budget to be lower than the legal limit due to uncertainty of the economic forecasts and inflation. For more information, click below.

https://dom.iowa.gov/sites/default/files/documents/2022/12/22-12_rec_final.pdf