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Bad news, good news

October 02, 2009

September didn't go well for Iowa's tax collectors:

The latest monthly revenue report issued by the Legislative Services Agency shows state tax collections plummeted by 19.2 percent – marking the eighth straight monthly decline and increasing the likelihood that the governor will have to order an across-the-board budget cut or take other measures to address the slump in revenues.
Through the first quarter, state revenues are running 9.1 percent below last year which translates to a drop of $141.1 million compared to the first three months of fiscal 2009.

The I-jobs borrow and spend program doesn't seem to be showing great results just yet. But there is one nugget of good news:

More film projects leaving Iowa as tax-credit incentive suspended

Considering what the film credits cost, we can only wish them happy trails and hope the door doesn't hit them on their way out to shake down some other state.

Tags: Corporate welfare.Economic development.film credits.harold hill.Iowa tax policy.