On Wednesday, Gov. Kim Reynolds announced the State of Iowa will end Fiscal Year 2023 with a balance of $1.83 billion in the General Fund, $902 million in reserve funds and $2.74 billion in the Taxpayer Relief Fund.
“Some see a surplus as government not spending enough, but I view it as an over collection from the hard-working men and women of Iowa,” said Gov. Kim Reynolds. “We’ve seen what the powerful combination of growth-oriented policies and fiscal restraint can create, and now it’s time for Iowans to directly receive the benefits. I look forward to cutting taxes again next legislative session and returning this surplus back to where it belongs – the people of Iowa.”
Last week, Gov. Reynolds announced that Iowa’s corporate tax rate will drop to 7.1 percent from 8.4 percent for Tax Year 2024 due to corporate tax receipts exceeding $700 million.