DOR Releases Latest Contingent Liabilities Report
December 19, 2019
The Iowa Department of Revenue unveiled the December 2019 Contingent Liabilities Report this week. The report is published every March, October and December. It gives guidance to the Revenue Estimating Conference (REC) regarding the condition of the state’s tax credits, which helps the REC forecast the state’s budget. This comprehensive report has several bits of important information. One highlight to note is tax credit awards in FY19 decreased 17.7% from FY18 to $201.9 million. The Legislature will certainly review this report as it considers changes to the tax code next year.