The Revenue Estimating Conference in Iowa reports that fiscal year 2025 is off to a stronger start than what had been projected by the REC.
Through the first three months of the new fiscal year, state revenue is up 17-point-9 percent compared to this time one year ago.
The growth is being driven by personal income tax receipts, which are up 6-point-6 percent over the previous year.
However, it is unlikely that state revenue will continue to grow at the rapid pace it set through September.
The March Revenue Estimating Conference forecast was for a decline of 3-point-9 percent for the year.
Additional reductions in income tax rates will happen in January, slowing receipts from the category.
