Iowa forgoes $373M in taxes
The state revenue department says Iowa’s state government will forgo $373.1 million in tax receipts in fiscal year 2019 due to a range of tax incentives state officials continue to say they will review, the Sioux City Journal reported. There are 20 capped and 20 uncapped tax incentive programs, the revenue department reported. By 2024, the state could be looking at $528.1 million in incentives, if all are fully awarded, but officials think the number may be closer to $431.7 million in liability that year. As it stands, 13 tax incentives are set to expire through 2024.
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