Iowa tax collections strong in February

Growth in state tax collections remained strong last month, with receipts rising by 8.7 percent over February 2012, according to a monthly report issued Friday by the Legislative Services Agency.

That brought the year-to-date total for state revenue to more than $4.276 billion, a 9.1 percent hike compared to the first eight months of fiscal 2012 that represented a $355.2 million increase for the state treasury.

The state Revenue Estimating Conference projected a 3.3 percent rise in state receipts for the entire fiscal year. LSA analysts said the current rate of growth from July through February is running $226 million above the annualized estimate.

Personal income tax receipts lead the way with a $229.4 million increase over fiscal 2012, after posting a 9.9 percent boost last month that brought the year-to-date spike to 10.3 percent. State sales/use tax receipts are running $50 million ahead of fiscal 2012, while state corporate income taxes are up $30 million.