Iowa tax cuts drop FY 2025 revenue estimates by 6.9 percent

On March 13, the three-member Revenue Estimating Conference met for its spring meeting to go over Iowa’s economic activity and to forecast state revenue.  The panel is required to adjust its forecasts for Fiscal Year 2025 (the current budget year) and Fiscal Year 2026 (the next budget, which will be developed in the upcoming weeks).  The panel is also required to put forward an initial forecast for Fiscal Year 2027.  The panel also revises the gaming tax and interest forecasts for FY 2025 & FY 2026.