By PETER HUSSMANN
Iowa tax collections fell 9 percent in the third quarter compared to the same period a year ago, a new Census Bureau report states, but a whopping 32 percent or $600 million compared to this year's second quarter.
Total state taxes collected in the third quarter amounted to $1.22 billion compared to $1.36 billion during the July, August and September period the year before, the report released Tuesday indicates. For the three-month period ending in June 2009, total taxes in Iowa amounted to $1.82 billion. Total tax collections in Iowa stood at $1.67 billion in the first quarter, the reports show.
Nationally, tax revenue for states was down 6.7 percent in the third quarter of 2009 compared to the previous year, the fourth consecutive quarter of negative growth. Tax revenue for the quarter totaled $266.5 billion compared with $285.6 billion in the comparable period the year before.
In a break out of various tax types, Iowa saw a 14 percent reduction in general sales tax for the third quarter compared to the year before, a 5.1 percent drop in individual income tax and a 114.9 percent reduction in corporate net income tax, the largest in the nation.
On a positive note, both motor vehicle fuel taxes and taxes on motor vehicles were up in this year's third quarter compared to a year ago.
The Census Bureau's tax collection data can be viewed here.
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