CBS 2 - Search Results
Iowa Took in More Revenue Than Expected
DES MOINES, Iowa (AP) -- A non-partisan state agency says state revenue for Iowa came in higher than expected for the fiscal year that ended June 30.
Jeff Robinson with the Legislative Services Agency says that net state revenue -- which includes taxes and other sources -- was about $6.65 billion. That's 8.7 percent more than the $6.1 billion the state took in during the same period in the previous year.
In March, state budget experts projected a 5.2 percent growth compared with the previous year, so the state has surpassed expectations. There will likely be some changes before numbers are finalized in September.
Robinson attributed the growth largely to a spike in personal income taxes from residents seeking to avoid a change in federal tax rules by doing things like taking investment income early.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.