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​Gov. Reynolds announces Iowa budget surplus of $1.91B, significant drop in top corporate tax rate

DES MOINES -- Today, Governor Kim Reynolds announced the State of Iowa will end Fiscal Year 2022 with a balance of $1.91 billion in the General Fund, $830 million in reserve funds and $1.06 billion in the Taxpayer Relief Fund.  

"Time and again over the last five years, we’ve ignored the self-appointed experts who insisted that tax cuts and economic prosperity wouldn’t be worth the cost,” said Gov. Reynolds. “In fact, as today’s budget numbers show, they were worth every penny. It turns out that growth-oriented policies and fiscal restraint are a powerful combination.” 

“Iowa’s strong financial status again proves that we continue to over collect from Iowa taxpayers,” said Kraig Paulsen, director of the Iowa Department of Management. “I applaud the Governor for finding ways to return these funds to the taxpayers.”  

The Governor’s tax bill, HF2317, signed in March 2022, includes the formula to reduce the corporate tax rate when net corporate income tax receipts exceed $700 million.  For Fiscal Year 2022, net corporate income tax receipts exceeded $850 million, triggering a drop of 14.2% in the top corporate tax rate to 8.4% from 9.8%. This drop reduces the number of corporate tax rates from three to two, which was not projected to happen until at least 2027.  

"Iowans want common-sense responsible policies even when it requires going against the grain. We cut taxes when many said our budget couldn’t handle it; we kept our economy open when few others were; we chose growth over government even when it was hard. As a result, our fiscal health is strong, and our tax code is more competitive than ever,” said Gov. Reynolds. 

Fiscal Year 2022 closed on June 30, but the accrual period officially ends on September 30. During those three months, Iowa closes the books and pays and receives any outstanding obligations. Fiscal Year 2021’s budget surplus was $1.24 billion. ​
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  • Surreal ValeCity online media
  • October 19 2022 Edition
    • Passion Exhibit Gallery Arte Azulejo
    • Gov Ivey Improved Broadband Access
    • Release Alaska Vital Statistics
    • Gov Lamont Clean Energy Investment Plan
    • Gov Reynolds Appoints Eric Howe
    • Gov Reynolds Iowa Budget Surplus
    • Baker Polito 24 Million Skills Capitol Grants
    • Gov Whitmer Increasing Road Patrol Funding
    • Gov Whitmer Investments Jobs Saginaw
    • First Food Delivery Nevadans in Need
    • Gov Sisolak Statement Escaped Inmate
    • Statement Donald J Trump Sept 27
    • Luna Fest Womens Film Festival
  • Elections 2022
    • Kelly for Alaska >
      • Tshibaka Premiere Energy Summit on Facebook
      • Alaska Radio Station Rejects McConnell Attack
      • Tshibaka Endorsed by America's Candidate Fund
      • New Tshibaka TV Ad Highlights
      • Kelly Tshibaka Endorsed by Edgar Blatchford
      • Tshibaka Time For a Change Education
      • As Fauci Retires Remember Murkowski
      • Kelly Tshibaka Statement Alaska Primary
      • Kelly Tshibaka Closing Primary Argument
      • Confirmed Rank Choice Voting Scheme
      • New Tshibaka Ad Can't Trust
      • Tshibaka Earns A Rating
      • Buzz Kelly Suspends Campaign Endorses Tshibaka
      • Tshibaka Time for a Change Constitutional Rights
      • Murkowski Continues Charade Pressing Haaland
      • Kelly Tshibaka Statement Planned Trump Rally
      • Tshibaka Statement Supreme Court Ruling Abortion
      • Tshibaka Blasts Gun Control Deal
      • Murkowski Embraces Gun Control Package
      • Murkowski Erode 2nd Amendment Rights
      • Tshibaka Endorsed by Harold Hamm
      • Jimmy Carter Lisa Murkowski Create Obstacles
      • Tshibaka Murkowski Gross Disregard Workers
      • Kelly Tshibaka Leaked Draft Supreme Court
  • Supporting ALL Law Enforcement
  • Thanks to the sponsors
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  • Archive 2022
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  • Archives 2021
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  • A Valley and Beyond