Iowa's nonpartisan Revenue Estimating Conference projects the state will collect $8.54 billion in revenue in the 2026-27 budget year, $66 million more than its March forecast but still $1.1 billion below planned spending. This is the second straight budget year with a shortfall, largely caused by income tax cuts that took full effect in 2025, and lawmakers are using the Taxpayer Relief Fund to cover the gap until revenue catches up. Jennifer Acton cited persistent inflation, higher borrowing costs and geopolitical uncertainty around gas and diesel prices as ongoing concerns despite positive growth. Kraig Paulsen said the state has no revenue problem and expects growth to continue, and the REC will meet again in December. Republican leaders, including Gov. Kim Reynolds, called the outlook strong and stable, while Democrats Janet Petersen and Megan Srinivas criticized the deficit and said wages are not keeping pace with costs.
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