DES MOINES, Iowa (AP) _ Preliminary estimates show that tax collections in Iowa grew by 5 percent in the budget year that ended last week, a much larger increase than originally projected.
Figures from the Legislative Services Agency show the growth was nearly double the 2.6 percent increase projected by a state panel. Tax collections for the year that ended June 30th totaled more than $6.1 billion, up from $5.8 billion last year. Collections for personal income taxes and sales taxes rose modestly, while corporate income tax receipts jumped by 32 percent.
Republican Governor Terry Branstad says there is no question it was a good year and the state's financial outlook is encouraging.