From March 19 through July 30 for calendar years 2019 and 2020, net state tax revenue declined $350.4 million and 10.7 percent year-over-year. However, fiscal analyst Jeff Robinson cautioned that not all of the change is due to COVID-19. Much of the significant decrease resulted “not from the business closures, job losses, and other impacts of COVID-19, but instead from the tax due date delays” instituted by Gov. Kim Reynolds and the Department of Revenue. It will not be until the delayed tax payments have been deposited that the economic impact of recent events can be reasonably calculated, he said.
Key data in the fiscal update included individual income tax declined nearly 12 percent or $154.6 million over that period. Corporate income taxes declined $43.3 million or more than 12 percent and sales/use tax revenue fell by $41 million, nearly 5 percent. Fuel tax revenue was off by 5 percent or $13.1 million.
With casinos closed for much of that time, gambling tax revenues fell nearly 60 percent or $67 million, LSA said.
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