Jones: What is the Iowa Taxpayer Relief Fund?

The Iowa Taxpayer Relief Fund is an account in the state treasury that holds unanticipated state revenue to be returned to the taxpayers. In order for funds to be deposited in the Taxpayer Relief Fund, actual state revenue has to exceed what had been projected for state tax collections by the three-member Revenue Estimating Conference (REC). The difference between what was actually collected in tax revenue and what the REC had projected is deposited into the account once the fiscal year’s books have been closed.

When the fund was created in 2011, the account was originally called the Taxpayer...