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Updated state figures show 5.4% net revenue decline since beginning of pandemic


Iowa’s state tax revenue has declined 5.4% year-over-year during the COVID-19 pandemic, according to the newest fiscal update released this week by the Legislative Services Agency. From March 19 through Sept. 8, net state tax revenue declined by $235.9 million. Much of the decline that began around April 8 was the result of tax due-date delays. A partial recovery that began in mid-July is likewise due to individual and corporate income tax payments made as the delayed due date for those tax payments approached. All tax categories saw declines, among them a $9.1 million (0.7%) decline in sales and use tax collections, and a $31.8 million (8.6%) decline in fuel tax collections in that period. Among the largest declines in revenue were the gambling tax, which declined by $74.5 million, or 50.3%, due to state-regulated casinos being ordered to shut down on March 17. The casinos began to reopen starting June 1. Thirteen weekly deposits have been made since the gambling industry reopened, totaling $67.2 million.

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