Iowa tax revenues up for past 12 months - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa tax revenues up for past 12 months

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DES MOINES (KWWL) -

Iowa tax revenues are up by 4.4% in the past 12 months according to the Legislative Services Agency.

On Tuesday, the agency reported net revenue for the 12 months ending in March for all taxes totaled $6.4 billion. That's an increase of about $271 million compared to prior 12 months.

That brings annual revenue back to a level first reached in November 2007.

In the past 12 months, the individual income tax was up about 5%, while the sales and use tax grew by over 6%. Corporate taxes were down 7.7%. Fuel and gambling taxes posted a small increase, while the cigarette tax had no change.

For March 2011, net tax revenues were about $430 million, down slightly from March 2010. 

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