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Gov. Reynolds issues statement following March REC meeting
DES MOINES— Governor Kim Reynolds today issued the following statement after the Revenue Estimating Conference (REC) meeting was held on March 12, 2026:
“Iowa remains in a strong financial position as historic state and federal tax cuts have gone into effect, benefitting individuals and families, businesses, and our state’s economy. Across the country, corporate income tax receipts have decreased by 23 percent, driven by new corporate tax deductions included in the One Big Beautiful Bill Act. Because Iowa tax code aligns to the federal tax code, estimated corporate tax revenues in Iowa for Fiscal Year 2026 have decreased $86.8 million from the December estimate. For Fiscal Year 2027, today’s consensus projection included a growth rate increase from 4.2 percent to 4.4 percent.
“My administration’s fiscal discipline has allowed for extending the benefits of the One Big Beautiful Bill to Iowa taxpayers. As we plan for Fiscal Year 2027, my administration will continue to work to keep spending in check and lower the property tax burden on Iowans.
“Despite some unease in the national economy, Iowa’s economy remains strong. According to the 3rd Quarter U.S. Bureau of Economic Analysis data, Iowa is first in the nation for net earnings growth, 13th for GDP growth, 17th for personal income growth, and our wages are growing at a faster rate than any other state in the country. We’re well positioned to continue building on this momentum and strengthening our state for the next generation of Iowans.”
“Iowa remains in a strong financial position as historic state and federal tax cuts have gone into effect, benefitting individuals and families, businesses, and our state’s economy. Across the country, corporate income tax receipts have decreased by 23 percent, driven by new corporate tax deductions included in the One Big Beautiful Bill Act. Because Iowa tax code aligns to the federal tax code, estimated corporate tax revenues in Iowa for Fiscal Year 2026 have decreased $86.8 million from the December estimate. For Fiscal Year 2027, today’s consensus projection included a growth rate increase from 4.2 percent to 4.4 percent.
“My administration’s fiscal discipline has allowed for extending the benefits of the One Big Beautiful Bill to Iowa taxpayers. As we plan for Fiscal Year 2027, my administration will continue to work to keep spending in check and lower the property tax burden on Iowans.
“Despite some unease in the national economy, Iowa’s economy remains strong. According to the 3rd Quarter U.S. Bureau of Economic Analysis data, Iowa is first in the nation for net earnings growth, 13th for GDP growth, 17th for personal income growth, and our wages are growing at a faster rate than any other state in the country. We’re well positioned to continue building on this momentum and strengthening our state for the next generation of Iowans.”
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