Report: Iowa has lost over $239M in tax revenue to date
BPC Staff Jun 19, 2020 | 8:31 pm
<1 min read time
114 wordsAll Latest News, Economic Development, Government Policy and Law, Statewide NewsCorridor Business Journal: Iowa has lost a total of $239.3 million in state and local tax revenue, according to a new report by Oxford Economics released yesterday by the American Hotel & Lodging Association. The bulk of the loss — $163.6 million — comes from the gaming industry, followed by lodging, with $142.7 million in lost revenue. The state has also lost nearly $6.3 million in personal income tax revenue, $4.75 million in sales tax and $2.3 million in corporate tax revenue. The report found that nationwide, the sharp drop in travel demand due to the COVID-19 pandemic has caused a $16.8 billion drop in state and local tax revenue from hotel operations alone.