Summary
Fiscal year-to-date gross receipts on a cash basis are 4.6 percent more compared to February 2019. The current estimate for Fiscal Year 2020 is a growth rate of 2.1 percent for gross receipts and will be reviewed when the Revenue Estimating Conference meets on March 12.
Personal Income Tax
Personal income tax receipts totaled $389.7 million during February 2020. This is $10.9 million or 2.9 percent more than the receipts of February 2019. Withholding tax receipts increased $12.1 million or 3.6 percent compared to last year. Estimated payments decreased $6.3 million compared to last year. Final return payments increased $5.1 million. Fiscal year-to-date, personal income tax receipts totaled $3,121.1 million, an increase of 1.5 percent from a year ago. The estimate for personal income tax for Fiscal Year 2020 is for an increase of 0.1 percent.
Sales/Use Tax
February sales/use tax receipts totaled $257.9 million, which represents a decrease of $4.4 million or 1.7 percent over February 2019. Fiscal year-to-date, sales/use tax receipts totaled $2,233.6 million, an increase of $151.0 million or 7.3 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2020 is for an increase of 5.9 percent.
Corporate Income Tax
Corporate income tax receipts during February totaled $15.0 million, which is $4.0 million or 21.1 percent less than in February 2019. Fiscal year-to-date corporate income tax receipts totaled $395.6 million, an increase of $39.4 million or 11.1 percent. The estimate for corporate income tax for Fiscal Year 2020 is for an increase of 3.2 percent.
Refunds
For the month of February, the Department of Revenue issued $65.1 million in refunds on a cash basis. This compares to $19.6 million issued February 2019. For the fiscal year-to-date, total refunds issued on a cash basis were $358.8 million. This compares to $356.8 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING FEBRUARY 29, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY20 Over (Under) |
FY20 Annual |
| |
OF FEBRUARY |
FY19 |
Est Percent |
| |
FY19 |
FY20 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$378.8 |
$389.7 |
$10.9 |
2.9% |
0.1% |
| Sales/Use Tax |
262.3 |
257.9 |
(4.4) |
-1.7% |
5.9% |
| Corporate Income Tax |
19.0 |
15.0 |
(4.0) |
-21.1% |
3.2% |
| Inheritance Tax |
6.1 |
6.5 |
0.4 |
6.6% |
-6.7% |
| Insurance Premium Tax |
21.0 |
11.3 |
(9.7) |
100.0% |
-2.4% |
| Beer Tax |
0.9 |
0.9 |
0.0 |
0.0% |
0.0% |
| Franchise Tax |
0.4 |
0.6 |
0.2 |
50.0% |
-8.9% |
| Miscellaneous Tax |
6.8 |
5.9 |
(0.9) |
-100.0% |
61.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$695.3 |
$687.8 |
($7.5) |
-1.1% |
2.2% |
| |
|
|
|
|
|
| Institutional Payments |
0.7 |
1.1 |
0.4 |
57.1% |
-5.4% |
| Liquor Transfers: |
9.8 |
10.3 |
0.5 |
5.1% |
1.6% |
| Interest |
0.8 |
0.9 |
0.1 |
12.5% |
46.7% |
| Fees |
3.2 |
4.1 |
0.9 |
28.1% |
-9.7% |
| Judicial Revenue |
8.8 |
9.5 |
0.7 |
8.0% |
0.0% |
| Miscellaneous Receipts |
2.3 |
2.7 |
0.4 |
17.4% |
-17.5% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$720.9 |
$716.4 |
($4.5) |
-0.6% |
2.1% |
| |
|
|
|
|
|
| Transfers |
$0.0 |
$0.1 |
$0.1 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$720.9 |
$716.5 |
($4.4) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($40.9) |
($38.1) |
$2.8 |
|
|
| Refunds |
(19.6) |
(65.1) |
(45.5) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($60.5) |
($103.2) |
($42.7) |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING FEBRUARY 29, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY20 Over (Under) |
FY20 Annual |
| |
OF FEBRUARY |
FY19 |
Est Percent |
| |
FY19 |
FY20 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$378.8 |
$389.7 |
$10.9 |
2.9% |
0.1% |
| Sales/Use Tax |
262.3 |
257.9 |
(4.4) |
-1.7% |
5.9% |
| Corporate Income Tax |
19.0 |
15.0 |
(4.0) |
-21.1% |
3.2% |
| Inheritance Tax |
6.1 |
6.5 |
0.4 |
6.6% |
-6.7% |
| Insurance Premium Tax |
21.0 |
11.3 |
(9.7) |
100.0% |
-2.4% |
| Beer Tax |
0.9 |
0.9 |
0.0 |
0.0% |
0.0% |
| Franchise Tax |
0.4 |
0.6 |
0.2 |
50.0% |
-8.9% |
| Miscellaneous Tax |
6.8 |
5.9 |
(0.9) |
-100.0% |
61.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$695.3 |
$687.8 |
($7.5) |
-1.1% |
2.2% |
| |
|
|
|
|
|
| Institutional Payments |
0.7 |
1.1 |
0.4 |
57.1% |
-5.4% |
| Liquor Transfers: |
9.8 |
10.3 |
0.5 |
5.1% |
1.6% |
| Interest |
0.8 |
0.9 |
0.1 |
12.5% |
46.7% |
| Fees |
3.2 |
4.1 |
0.9 |
28.1% |
-9.7% |
| Judicial Revenue |
8.8 |
9.5 |
0.7 |
8.0% |
0.0% |
| Miscellaneous Receipts |
2.3 |
2.7 |
0.4 |
17.4% |
-17.5% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$720.9 |
$716.4 |
($4.5) |
-0.6% |
2.1% |
| |
|
|
|
|
|
| Transfers |
$0.0 |
$0.1 |
$0.1 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$720.9 |
$716.5 |
($4.4) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($40.9) |
($38.1) |
$2.8 |
|
|
| Refunds |
(19.6) |
(65.1) |
(45.5) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($60.5) |
($103.2) |
($42.7) |
|
|
