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The original item was published from 10/17/2018 3:14:00 PM to 11/6/2018 12:00:02 AM.

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City of Newton - Administration

Posted on: October 15, 2018

[ARCHIVED] Local Option Tax Update

BACKFILL PAYMENTS

The Iowa Department of Revenue has released FY19 Estimated Local Option Sales Tax monthly distributions through July of 2019. Estimates are $40,000 above the budgeted amount in FY19. In addition, in the last quarter of payments (May 2019 through July 2019) the City will start receiving additional funds that are tied to Senate File 2417 which takes effect on January 1, 2019. The new law modernizes and expands the types of businesses required to collect Iowa sales tax. Specifically, marketplace and remote sellers that exceed certain sales or transaction thresholds must charge sales tax, the same as Iowa main street businesses. These additional revenues are not included in these projections. The City will receive an updated schedule in the spring once this additional data is available.

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