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March 11, 2022Des |  By: AP

Iowa budget panel: Tax cuts reverse revenue growth next year

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DES MOINES, Iowa (AP) - A state panel responsible for tracking Iowa revenue trends says growth continues at a good pace but that tax changes signed by Gov. Kim Reynolds last week could reverse that trend beginning next year.

The Revenue Estimating Conference said Thursday that state revenue will grow 4.3% this year, bringing in net receipts of $9.17 billion.

For next year, however, the growth is expected to reverse as the Republican-crafted tax cuts kick in, resulting in tax revenue falling 0.2% to $9.16 billion.

The revenue decline is due to the estimated loss of $236 million in tax revenue. By 2024, that revenue decline is expected to reach $561 million, or a 2.1% drop to $8.96 billion.