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Iowa revenue estimators see downturn
October 10, 2008
Iowa has avoided much of the current economic storminess, but that is ending. The state's revenue estimators project weak revenues for the the current fiscal year and the fiscal year beginning next June. The gross corporate revenues projected for the June 2010 year, before refunds, is $408.1 million, down from the $431.1 million projected for the current year.
The entire corporate tax is expected to gross less than 6% of Iowa's projected tax receipts for the 2010 year. It also, net of refunds, generates less revenue than the cost of the 25-odd Iowa economic development credits. Does anybody really believe that a repeal of the corporation income tax wouldn't do more to attract business to Iowa than the current credit hodgepodge?
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