Post by Logan on May 6, 2016 22:59:43 GMT -6
DES MOINES — Gov. Terry Branstad’s budget director said Friday that “softness” in personal income tax collections could mean state revenue will finish the current fiscal year about $50 million below revised March projections.
“Based on what I’ve seen so far, I think we’ll be down in the neighborhood of $50 million from what we had estimated,” said David Roederer, director of the Iowa Department of Management and leader of the three-member state Revenue Estimating Conference, which already downsized state tax receipt growth projections by $46 million at its March meeting.
“I hope I’m wrong, but that’s what we’re estimating right now,” Roederer said. “We’re still growing, but not at the rate we had projected.”
Earlier this week, the Legislative Services Agency put out an April revenue report indicating a deeper-than-expected drop in state tax receipts. Last month’s $335.1 million in state general-fund tax collections was down 18.9 percent, or $78.3 million, when compared with April 2015.
Read more: www.thegazette.com/subject/news/government/iowas-state-revenue-growth-could-slip-by-50-million-20160506
“Based on what I’ve seen so far, I think we’ll be down in the neighborhood of $50 million from what we had estimated,” said David Roederer, director of the Iowa Department of Management and leader of the three-member state Revenue Estimating Conference, which already downsized state tax receipt growth projections by $46 million at its March meeting.
“I hope I’m wrong, but that’s what we’re estimating right now,” Roederer said. “We’re still growing, but not at the rate we had projected.”
Earlier this week, the Legislative Services Agency put out an April revenue report indicating a deeper-than-expected drop in state tax receipts. Last month’s $335.1 million in state general-fund tax collections was down 18.9 percent, or $78.3 million, when compared with April 2015.
Read more: www.thegazette.com/subject/news/government/iowas-state-revenue-growth-could-slip-by-50-million-20160506