KILJ — In the last 12 months, state tax revenue was $1.4 billion above collections in the previous fiscal year.
The state fiscal year ended June 30. According to the Legislative Services Agency, there was an 18.6% increase in state tax revenue during that 12-month period compared to the previous fiscal year.
The state ended the fiscal year on June 30 with a surplus of about half a billion dollars. Last month, as she signed a series of tax cuts into law, Republican Governor Kim Reynolds announced she will be proposing more cuts to personal income taxes next year.
In this just-concluded fiscal year, Iowans paid nearly 17% more in personal income taxes to the state, corporate taxes grew nearly 52% and sales and use tax payments grew by 10.6% compared to Fiscal Year 2020.