Tax receipts post gain in November

DES MOINES - State tax receipts posted a double-digit gain in November, but much of the growth was attributed to 2014 calendar issues that caused a sizable amount of taxes to be collected and counted in December versus last month's tabulations.

The timing differences caused a 14.7 percent spike in last month's tax collections with year-to-date receipts from July through November showing a 3.4 percent increase from nearly $2.72 billion last fiscal year to more than $2.812 billion this year, said Jeff Robinson of the Legislative Services Agency.

The positive trends in the latest monthly report are the steady climb in personal income tax and sales/use tax receipts, while negative corporate income tax collections continue to be a drag on the overall outlook, he said.

If not for the overall 15.7 percent decline in corporate income tax receipts, 'this would be a really good year,” Robinson said.

'It would be better than average. Not great, but better than average.”

As it is, fiscal 2016 numbers are 'below average, but not terrible and getting better,” he noted.

Gazette Des Moines Bureau