Iowa is a wonderful place to live. Driving across the state during the beautiful fall season is a reminder that we are blessed to live in this state.
Only slightly less inspiring than the harvest season in Iowa is the recently reported strength of our state's budget and strong fiscal management.
ITR Foundation has the details of the final budget numbers for the past fiscal year and a look at the foundation that has been built for the success of our recent tax cuts. This is the second year in a row Iowa experienced a billion-dollar surplus, as the state ended fiscal year 2021 with a $1.24 billion surplus.
While income tax cuts have been phasing in since 2018, these figures provide even more confidence for the coming rounds of rate cuts and the exemption of retirement income scheduled for 2023.