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CEDAR RAPIDS – Fueled by pent-up consumer demand and state incentive payments, Iowa’s tax revenue increased 15 percent in June compared to the previous June, and state revenue increased 15 percent over the past 12 months.
Net tax revenue for June was $ 928 million, according to the Legislative Services Agency monthly report. That’s $ 121 million more than in June 2020.
Corporate income tax, gambling tax, fuel tax, and sales / use tax all made high gains for the month, both in dollars and as a percentage of growth.
In the past 12 months, net sales rose $ 1.541 billion, or 17.4 percent, the LSA reported, noting that economic activity was low for much of that time due to the coronavirus pandemic.
For the year ended June 30, net income from all taxes paid to sovereign wealth funds was $ 10.413 billion, an increase of $ 1.541 billion compared to the previous 12 months.
During that time, individual income tax receipts rose 18.2 percent, but LSA found that federal and state delayed income tax due dates “have significantly changed the normal flow of individual income tax receipts over the past 14 months.”
The annual growth rate of 18.2 percent is “unusually high” compared to net tax growth on individual income, which averaged 4.2 percent over the past two years, added LSA.
Other key contributors to the dollar and percentage changes year over year were corporate tax revenue, which increased $ 367 million, or 68.5 percent. Sales tax revenue increased $ 411.1 million, 68.5 percent. That included $ 85.3 million more sales tax revenue paid to the Road Use Tax Fund and a $ 332.1 million (10.4 percent) increase in sales tax revenue to the State General Fund.
However, sales tax revenue, which was transferred to other state funds, primarily the Flood Mitigation Fund, Reinvestment District Fund and two water quality funds, fell by $ 6.8 million, the LSA said.
And lower sales / use tax refunds increased net income by $ 6.2 million, and increased sales tax payments to the school infrastructure account, recorded as tax refunds, decreased net income by $ 5.7 million.
Banks’ tax revenue declined 20.3 percent, or $ 14.1 million, and fuel tax revenue declined $ 35.7 million, or 5.1 percent. According to Treasury Department’s monthly fuel sales reports, the total gallon subject to fuel tax decreased 3.3 percent over the past 12 months.
Gambling tax revenue increases by $ 90.9 million, or 37 percent, despite Iowa’s 19 state-regulated casinos closed on March 17, 2020 due to the governor’s declaration of the COVID-19 state health emergency. Most reopened in early June this year.
Tax revenues for cigarettes and tobacco fell by $ 9.5 million, or 4.5 percent, the LSA reported.
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