Iowa Sees Extraordinary Growth in Fiscal Year 2021
July 9, 2021
Iowa’s treasury took in more than $8.1 billion for FY21, which translates into a double-digit growth for state collections over FY20. Though the books won’t officially close on FY21 until September 30th due to accruals and other adjustments, officials with the nonpartisan Legislative Services Agency are expecting a budget surplus of several hundred million dollars. Thanks to Governor Kim Reynolds’s leadership in keeping a vast majority of businesses open the entire time during the pandemic, Iowa has not seen a significant drop in revenues like many other states have. With a substantial budget surplus at hand, the governor indicated she will propose more personal income tax cuts during next year’s legislative session.
You can read about Iowa’s budget from The Gazette.