The panel that predicts state tax revenue says Iowa will get over $200 million more in tax revenue in the 2019 Fiscal year than this year. But they also say that's due to the federal tax cuts passed by Congress.
Those tax cuts mean that Iowans pay more in state income taxes. Officials with the Iowa Department of Revenue says the different tax cut plans that are currently before the Iowa Legislature will have an impact on the final balance.
Governor Kim Reynolds has called on the legislature to permanently do away with the ability for Iowa taxpayers to deduct their federal taxes from their state income tax returns. While that would mean a higher tax bill for Iowans, she's also recommending lowering of tax rates to compensate.
The Iowa House is mirroring the governor's suggestions in their tax cut legislation. The Iowa Senate passed its own tax cut plan.
This fiscal year the Revenue Estimating Conference is projecting about $33 million dollars more than they projected in December.