LOST Information for Local Governments
Thursday — 05/28/2020
Local Government Officials:
The Department of Revenue has received questions from many of you regarding the impact of COVID-19 on local option sales tax collections. We have been monitoring and will continue to monitor the situation. At this time, we have decided not to make any adjustments to the current monthly estimates for Fiscal Year 2020. These include the payments you will receive in May, June, and July of 2020.
In the event that these estimated payments exceed one hundred percent of the actual sales tax receipts for your jurisdiction, an adjustment will be made to your Fiscal Year 2021 estimates to recoup any excess distribution from Fiscal Year 2020. The Fiscal Year 2021 estimates will be released by August 15 per Iowa Code 423B.7(2)(a).
It is likely there will be some negative impact on sales tax receipts in some jurisdictions that will be reflected in the Fiscal Year 2021 estimates. The situation continues to change and will continue to do so until the Department releases FY 2021 estimates, and as such the Department will not be sharing estimates before August 15 as noted above.
Local Government Officials contact: IDRLocalGov@iowa.gov; 515-725-2678