Good News for Iowa Small Business: State Budget Closes with Massive Surplus

Date: September 30, 2021

Iowa budget has a healthy $1.24B surplus ending fiscal year 2021

Iowa small business owners will be glad to hear this recent news from the governor: the State of Iowa will end Fiscal Year 2021 with a balance of $1,238.6 billion in its General Fund.  

 

FY 2021 closed on June 30th, but the accrual period officially ends on September 30th. During this time, Iowa closes the books and pays out and receives outstanding obligations. Last year’s budget surplus was $305 million dollars. 

 

This is welcome news to small business owners across the state, who can interpret this data to mean that the state’s economy is back on the upswing after the COVID-19 pandemic. Compared to other states across the country, Iowa is a bright spot. While many small business owners are still having trouble hiring workers, they do not have to face government mandates and tax increases that many other small business owners are forced to grapple with right now. 

 

Iowa small business owners received a much welcomed legislative win last session when lawmakers voted to reduce taxes in the form of SF 619, or the Tax Omnibus Bill, which will save Iowa tax payers, including small businesses, more than $1 billion over the next 8 years. 

 

NFIB is pushing for, and anticipates working with the governor and legislature, on cutting taxes even further during the 2022 legislative session which begins in January of 2022.

 

 

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