Iowa tax revenue up 7.8 percent over past 12 months
10:33 AM, Sep 24, 2012 | by William Petroski |
Iowa’s net tax revenue for the 12 months ending in August 2012 totaled $7.046 billion, an increase of $512.5 million, or 7.8 percent, compared to the prior 12 months, the Iowa Legislative Services Agency reported today.
The major contributors to the increase include:
– Individual income tax, up $166.8 million, or 5.8 percent.
– Sales/use tax, positive $127.6 million, or 5.7 percent.
– Corporate income tax, up $176.3 million, or 70.6 percent.
– Casino tax, positive $22.4 million, or 8 percent.
Fuel taxes dropped by $7.5 million, or 1.7 percent, representing a reduction in taxable gasoline and ethanol sales and taxable diesel fuel sales.
Taxable diesel sales over the recent 12-month period were 4.2 percent lower than the March 2008 peak diesel sales level and total taxable gallons of gasoline and ethanol have for the first time since December 2010 dipped below the precession peak in August 2007 for all taxed gallons sold, the Legislative Services Agency reported.
Real estate transfer taxes over the past 12 months were up $2.8 million, an increase of 20.7 percent,. Cigarette and tobacco taxes were up $1.8 million, less than a 1 percent increase.