Summary
Fiscal year-to-date gross receipts on a cash basis are 1.9 percent less compared to the same period in Fiscal Year 2022.
Personal Income Tax
Personal income tax receipts totaled $476.2 million during August 2022. This is $24.1 million or 5.3 percent more than the receipts of August 2021. Withholding tax receipts increased $20.5 million or 4.8 percent compared to last year. Estimated payments increased $0.1 million compared to last year. Final return payments increased $3.5 million. Fiscal year-to-date, personal income tax receipts totaled $779.2 million, an increase of 6.0 percent. The estimate for personal income tax for Fiscal Year 2022 is for an increase of -6.7 percent.
Sales/Use Tax
August sales/use tax receipts totaled $436.3 million, which represents an increase of $43.5 million or 11.1 percent over August 2021. Fiscal year-to-date, sales/use tax receipts totaled $660.9 million, a decrease of $112.9 million or 14.6 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2023 is for an increase of 3.9 percent over Fiscal Year 2022.
Corporate Income Tax
Corporate income tax receipts during August totaled $19.0 million, which is $7.2 million more than in August 2021. Fiscal year-to-date corporate income tax receipts totaled $62.3 million, an increase of $42.1 million. The estimate for corporate income tax for Fiscal Year 2022 is for a decrease of 9.8 percent over Fiscal Year 2022.
Refunds
For the month of August, the Department of Revenue issued $35.4 million in refunds on a cash basis. This compares to $31.1 million issued August 2021. For the fiscal year-to-date, total refunds issued on a cash basis were $69.8 million. This compares to $83.4 million issued at this time last year.
FY 2022 Year-to-Date Net General Fund Receipts on an Accrual Basis
As can be seen from the chart below, year-to-date net General Fund receipts have increased 11.6 percent, which is ahead of the REC estimate of 4.2 percent. We will update this table monthly until the State’s books are closed at the end of September 2022.
| Net General Fund Receipts |
| Accrual Basis |
| Through August 31, 2022 |
| |
|
|
|
|
|
|
|
|
|
Adjusted |
| |
|
FY21 |
|
FY22 |
|
Variance |
|
Percent |
|
Estimate |
| |
|
|
|
|
|
|
|
|
|
|
| Total Gross Receipts |
|
9,579.7 |
|
10,485.8 |
|
906.1 |
|
9.5% |
|
5.4% |
| Transfers |
|
106.2 |
|
99.4 |
|
(6.8) |
|
-6.4% |
|
-0.3% |
| Refunds |
|
(1,114.5) |
|
(1,028.8) |
|
85.7 |
|
-7.7% |
|
8.0% |
| School Infrastructure Transfer |
|
(523.6) |
|
(571.3) |
|
(47.7) |
|
9.1% |
|
12.5% |
| |
|
|
|
|
|
|
|
|
|
|
| Net General Fund Revenues compared to REC |
|
8,047.8 |
|
8,985.1 |
|
937.3 |
|
11.6% |
|
4.2% |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING AUGUST 31, 2022 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY23 Over (Under) |
FY23 Annual |
| |
OF AUGUST |
FY22 |
Est Percent |
| |
FY22 |
FY23 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$452.1 |
$476.2 |
$24.1 |
5.3% |
-6.7% |
| Sales/Use Tax |
392.8 |
436.3 |
43.5 |
11.1% |
3.9% |
| Corporate Income Tax |
11.8 |
19.0 |
7.2 |
61.0% |
-9.8% |
| Inheritance Tax |
12.1 |
10.5 |
(1.6) |
-13.2% |
-20.5% |
| Insurance Premium Tax |
60.0 |
60.3 |
0.3 |
0.5% |
-4.4% |
| Beer Tax |
1.3 |
1.2 |
(0.1) |
-7.7% |
0.7% |
| Franchise Tax |
0.0 |
0.4 |
0.4 |
0.0% |
-9.1% |
| Miscellaneous Tax |
3.5 |
(8.2) |
(11.7) |
-334.3% |
-73.1% |
| |
|
|
|
|
|
| Total Special Taxes |
$933.6 |
$995.7 |
$62.1 |
6.7% |
-3.8% |
| |
|
|
|
|
|
| Institutional Payments |
1.0 |
1.2 |
0.2 |
20.0% |
-13.8% |
| Liquor Transfers: |
13.5 |
13.9 |
0.4 |
3.0% |
-1.9% |
| Interest |
0.1 |
1.7 |
1.6 |
1600.0% |
-30.6% |
| Fees |
2.2 |
2.4 |
0.2 |
9.1% |
-10.1% |
| Judicial Revenue |
1.0 |
0.3 |
(0.7) |
-70.0% |
11.3% |
| Miscellaneous Receipts |
3.7 |
5.3 |
1.6 |
43.2% |
-30.9% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$955.1 |
$1,020.5 |
$65.4 |
6.8% |
-3.8% |
| |
|
|
|
|
|
| Transfers |
$1.8 |
$1.7 |
($0.1) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$956.9 |
$1,022.2 |
$65.3 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($51.3) |
($55.6) |
($4.3) |
|
|
| Refunds |
($31.1) |
($35.4) |
($4.3) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($82.4) |
($91.0) |
($8.6) |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE TWO MONTHS ENDING AUGUST 31, 2022 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
TWO MONTHS |
FY23 Over (Under) |
FY23 Annual |
| |
THROUGH AUGUST |
FY22 |
Est Percent |
| |
FY22 |
FY23 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$735.1 |
$779.2 |
$44.1 |
6.0% |
-6.7% |
| Sales/Use Tax |
773.8 |
660.9 |
(112.9) |
-14.6% |
3.9% |
| Corporate Income Tax |
20.2 |
62.3 |
42.1 |
208.4% |
-9.8% |
| Inheritance Tax |
20.4 |
17.0 |
(3.4) |
-16.7% |
-20.5% |
| Insurance Premium Tax |
64.4 |
60.6 |
(3.8) |
-5.9% |
-4.4% |
| Beer Tax |
2.7 |
2.6 |
(0.1) |
-3.7% |
0.7% |
| Franchise Tax |
4.9 |
4.9 |
0.0 |
0.0% |
-9.1% |
| Miscellaneous Tax |
3.5 |
12.6 |
9.1 |
260.0% |
-73.1% |
| |
|
|
|
|
|
| Total Special Taxes |
$1,625.0 |
$1,600.1 |
($24.9) |
-1.5% |
-3.8% |
| |
|
|
|
|
|
| Institutional Payments |
1.6 |
2.1 |
0.5 |
31.3% |
-13.8% |
| Liquor Transfers: |
30.4 |
26.4 |
(4.0) |
-13.2% |
-1.9% |
| Interest |
0.2 |
2.7 |
2.5 |
1250.0% |
-30.6% |
| Fees |
4.6 |
3.5 |
(1.1) |
-23.9% |
-10.1% |
| Judicial Revenue |
3.9 |
3.2 |
(0.7) |
-17.9% |
11.3% |
| Miscellaneous Receipts |
14.2 |
10.2 |
(4.0) |
-28.2% |
-30.9% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$1,679.9 |
$1,648.2 |
($31.7) |
-1.9% |
-3.8% |
| |
|
|
|
|
|
| Transfers |
$27.6 |
$25.8 |
($1.8) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$1,707.5 |
$1,674.0 |
($33.5) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($100.1) |
($100.7) |
($0.6) |
|
|
| Refunds |
(83.4) |
(69.8) |
13.6 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($183.5) |
($170.5) |
$13.0 |
|
|
