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State tax receipts top growth projection

State tax receipts top growth projection

DES MOINES | State net tax receipts finished the 2015 fiscal year up $376.7 million from the previous year and above the projected annual growth rate set by the Revenue Estimating Conference, according to figures released Wednesday.

State tax collections rose by $26.4 million last month over June 2014 receipts.

The amount brings the overall growth for the 2015 fiscal year -- which ended Tuesday -- to slightly more than $6.67 billion.

The totals represent a 6 percent yearly growth rate, topping the 5.5 percent expected by the Revenue Estimating Conference, according to the Legislative Services Agency’s monthly report. The three-member forecasting panel projected the state treasury would take in more than $6.643 billion.

The better-than-expected growth was fueled by a 5.8 percent increase in personal income tax collections. Those receipts came in $232.4 million above fiscal 2014 and topped projections by more than a full percentage point.

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Statehouse reporter for The Courier

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