Gov. Kim Reynolds and Speaker Pat Grassley released statements today (Monday) pledging to lower taxes following the release of the Revenue Estimating Conference’s (REC) Fiscal Year (FY) 2022 and 2023 projections. In October, the REC estimated the state’s FY22 net General Fund revenues around $8.93 billion dollars, but the most recent estimate projects an increase to $9.06 billion dollars. The FY23 estimates are similar, rising from $9.07 billion in October to $9.21 billion in December. Grassley says, “Thanks to the Governor’s leadership and House Republicans’ conservative budgeting practices, Iowa’s economy remains strong. Currently, Iowa is taking in more money in taxes than the state needs. This overcollection is the people of Iowa’s money, and they deserve it back.” Reynolds says, “I will continue to fight to return these funds to the hands of hardworking Iowa taxpayers and explore significant tax cuts this legislative session that will make Iowa one of the most competitive states in the country.” A link to the REC’s December 2021 report can be found included below.
_____
https://dom.iowa.gov/sites/default/files/documents/2021/12/21-12_rec_final.pdf
