Summary
Fiscal year-to-date gross receipts on a cash basis are 9.1 percent more compared to December 2019. July-December receipts are heavily impacted by the filing date changes for individual and corporate income tax returns from April 30 to July 30, 2020. The current estimate for Fiscal Year 2021 is a growth rate of 7.3 percent for gross receipts on a cash basis.
Personal Income Tax
Personal income tax receipts totaled $385.2 million during December 2020. This is $9.0 million or 2.3 percent less than the receipts of December 2019. Withholding tax receipts decreased $3.1 million or 1.0 percent compared to last year. Estimated payments decreased $9.4 million compared to last year. Final return payments increased $3.5 million. Fiscal year-to-date, personal income tax receipts totaled $2,496.9 million, an increase of 11.3 percent. The estimate for personal income tax for Fiscal Year 2021 is for an increase of 9.6 percent.
Sales/Use Tax
December sales/use tax receipts totaled $243.0 million, which represents an increase of $9.8 million or 4.2 percent over December 2019. Fiscal year-to-date, sales/use tax receipts totaled $1,716.8 million, an increase of $64.9 million or 3.9 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2021 is for an increase of 3.1 percent over Fiscal Year 2020.
Corporate Income Tax
Corporate income tax receipts during December totaled $140.9 million, which is $27.2 million or 23.9 percent more than in December 2019. Fiscal year-to-date corporate income tax receipts totaled $467.6 million, an increase of $127.1 million or 37.3 percent. The estimate for corporate income tax for Fiscal Year 2021 is for an increase of 25.2 percent over Fiscal Year 2020.
Refunds
For the month of December, the Department of Revenue issued $23.8 million in refunds on a cash basis. This compares to $42.5 million issued December 2019. For the fiscal year-to-date, total refunds issued on a cash basis were $280.4 million. This compares to $258.6 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING DECEMBER 31, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY21 Over (Under) |
FY21 Annual |
| |
OF DECEMBER |
FY20 |
Est Percent |
| |
FY20 |
FY21 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$394.2 |
$385.2 |
($9.0) |
-2.3% |
9.6% |
| Sales/Use Tax |
233.2 |
243.0 |
9.8 |
4.2% |
3.1% |
| Corporate Income Tax |
113.7 |
140.9 |
27.2 |
23.9% |
25.2% |
| Inheritance Tax |
8.2 |
5.8 |
(2.4) |
-29.3% |
5.0% |
| Insurance Premium Tax |
0.0 |
0.1 |
0.1 |
100.0% |
-1.5% |
| Beer Tax |
1.1 |
1.0 |
(0.1) |
-9.1% |
-33.7% |
| Franchise Tax |
10.1 |
13.5 |
3.4 |
33.7% |
-2.8% |
| Miscellaneous Tax |
(1.6) |
0.0 |
1.6 |
100.0% |
-0.4% |
| |
|
|
|
|
|
| Total Special Taxes |
$758.9 |
$789.5 |
$30.6 |
4.0% |
8.0% |
| |
|
|
|
|
|
| Institutional Payments |
1.0 |
0.7 |
(0.3) |
-30.0% |
-27.0% |
| Liquor Transfers: |
11.5 |
10.2 |
(1.3) |
-11.3% |
7.0% |
| Interest |
1.3 |
0.1 |
(1.2) |
-92.3% |
-79.5% |
| Fees |
2.4 |
2.5 |
0.1 |
-100.0% |
-0.1% |
| Judicial Revenue |
8.2 |
7.1 |
(1.1) |
-13.4% |
-29.9% |
| Miscellaneous Receipts |
2.2 |
3.2 |
1.0 |
45.5% |
-8.6% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$785.5 |
$813.3 |
$27.8 |
3.5% |
7.3% |
| |
|
|
|
|
|
| Transfers |
$0.6 |
$1.0 |
$0.4 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$786.1 |
$814.3 |
$28.2 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($33.2) |
($43.7) |
($10.5) |
|
|
| Refunds |
($42.5) |
($23.8) |
$18.7 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($75.7) |
($67.5) |
$8.2 |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE SIX MONTHS ENDING DECEMBER 31, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
SIX MONTHS |
FY21 Over (Under) |
FY21 Annual |
| |
THROUGH NOVEMBER |
FY20 |
Est Percent |
| |
FY20 |
FY21 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$2,244.0 |
$2,496.9 |
$252.9 |
11.3% |
9.6% |
| Sales/Use Tax |
1,651.9 |
1,716.8 |
64.9 |
3.9% |
3.1% |
| Corporate Income Tax |
340.5 |
467.6 |
127.1 |
37.3% |
25.2% |
| Inheritance Tax |
41.4 |
42.9 |
1.5 |
3.6% |
5.0% |
| Insurance Premium Tax |
70.8 |
66.9 |
(3.9) |
-5.5% |
-1.5% |
| Beer Tax |
7.2 |
2.9 |
(4.3) |
-59.7% |
-33.7% |
| Franchise Tax |
35.5 |
34.1 |
(1.4) |
-3.9% |
-2.8% |
| Miscellaneous Tax |
12.8 |
11.7 |
(1.1) |
0.0% |
-0.4% |
| |
|
|
|
|
|
| Total Special Taxes |
$4,404.1 |
$4,839.8 |
$435.7 |
9.9% |
8.0% |
| |
|
|
|
|
|
| Institutional Payments |
6.0 |
2.9 |
(3.1) |
-51.7% |
-27.0% |
| Liquor Transfers: |
65.3 |
73.7 |
8.4 |
12.9% |
7.0% |
| Interest |
8.1 |
1.3 |
(6.8) |
-84.0% |
-79.5% |
| Fees |
12.5 |
11.4 |
(1.1) |
-8.8% |
-0.1% |
| Judicial Revenue |
40.3 |
26.8 |
(13.5) |
-33.5% |
-29.9% |
| Miscellaneous Receipts |
23.4 |
20.2 |
(3.2) |
-13.7% |
-8.6% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$4,559.7 |
$4,976.1 |
$416.4 |
9.1% |
7.3% |
| |
|
|
|
|
|
| Transfers |
$57.7 |
$60.4 |
$2.7 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$4,617.4 |
$5,036.5 |
$419.1 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($255.3) |
($264.2) |
($8.9) |
|
|
| Refunds |
(258.6) |
(280.4) |
(21.8) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($513.9) |
($544.6) |
($30.7) |
|
|
