Summary
Fiscal year-to-date gross receipts on a cash basis are 8.5 percent more compared to February 2020. The current estimate for Fiscal Year 2021 is a growth rate of 7.3 percent for gross receipts on a cash basis and will be reviewed when the Revenue Estimating Conference meets on March 19.
Personal Income Tax
Personal income tax receipts totaled $500.0 million during February 2021. This is $110.3 million or 28.3 percent more than the receipts of February 2020. Withholding tax receipts increased $89.8 million or 26.1 percent compared to last year. Fourth quarter withholding payments are due January 31, which fell on a weekend this year pushing the due date to February 1. On a January/February comparison, withholding receipts processed increased $21.3 million or 3.1%. Estimated payments increased $24.2 million compared to last year. Final return payments decreased $3.7 million. Fiscal year-to-date, personal income tax receipts totaled $3,427.9 million, an increase of 9.8 percent. The estimate for personal income tax for Fiscal Year 2021 is for an increase of 9.6 percent.
Sales/Use Tax
February sales/use tax receipts totaled $361.6 million, which represents an increase of $103.7 million or 40.2 percent over February 2020. Fourth quarter sales and use tax returns are due January 31, which fell on a weekend this year pushing the due date to February 1. On a January/February comparison, sales/use tax receipts processed increased $42.3 million or 6.2 percent. Fiscal year-to-date, sales/use tax receipts totaled $2,399.3 million, an increase of $105.7 million or 4.7 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 February totaled $28.8 million, which is $13.8 million or 92.0 percent more than in February 2020. Fiscal year-to-date corporate income tax receipts totaled $536.2 million, an increase of $140.6 million or 35.5 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 February, the Department of Revenue issued $34.7 million in refunds on a cash basis. This compares to $65.1 million issued February 2020. For the fiscal year-to-date, total refunds issued on a cash basis were $345.4 million. This compares to $358.8 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING FEBRUARY 28, 2021 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY21 Over (Under) |
FY21 Annual |
| |
OF FEBRUARY |
FY20 |
Est Percent |
| |
FY20 |
FY21 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$389.7 |
$500.0 |
$110.3 |
28.3% |
9.6% |
| Sales/Use Tax |
257.9 |
361.6 |
103.7 |
40.2% |
3.1% |
| Corporate Income Tax |
15.0 |
28.8 |
13.8 |
92.0% |
25.2% |
| Inheritance Tax |
6.5 |
10.8 |
4.3 |
66.2% |
5.0% |
| Insurance Premium Tax |
11.3 |
10.9 |
(0.4) |
100.0% |
-1.5% |
| Beer Tax |
0.9 |
1.7 |
0.8 |
88.9% |
-33.7% |
| Franchise Tax |
0.6 |
0.4 |
(0.2) |
-33.3% |
-2.8% |
| Miscellaneous Tax |
5.9 |
4.8 |
(1.1) |
100.0% |
-0.4% |
| |
|
|
|
|
|
| Total Special Taxes |
$687.8 |
$919.0 |
$231.2 |
33.6% |
8.0% |
| |
|
|
|
|
|
| Institutional Payments |
1.1 |
0.8 |
(0.3) |
-27.3% |
-27.0% |
| Liquor Transfers: |
10.3 |
11.5 |
1.2 |
11.7% |
7.0% |
| Interest |
0.9 |
0.0 |
(0.9) |
-100.0% |
-79.5% |
| Fees |
4.1 |
3.5 |
(0.6) |
-100.0% |
-0.1% |
| Judicial Revenue |
9.5 |
8.1 |
(1.4) |
-14.7% |
-29.9% |
| Miscellaneous Receipts |
2.7 |
3.2 |
0.5 |
18.5% |
-8.6% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$716.4 |
$946.1 |
$229.7 |
32.1% |
7.3% |
| |
|
|
|
|
|
| Transfers |
$0.1 |
$0.1 |
$0.0 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$716.5 |
$946.2 |
$229.7 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($38.1) |
($36.7) |
$1.4 |
|
|
| Refunds |
(65.1) |
(34.7) |
30.4 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($103.2) |
($71.4) |
$31.8 |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE EIGHT MONTHS ENDING FEBRUARY 28, 2021 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
EIGHT MONTHS |
FY21 Over (Under) |
FY21 Annual |
| |
THROUGH FEBRUARY |
FY20 |
Est Percent |
| |
FY20 |
FY21 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$3,121.1 |
$3,427.9 |
$306.8 |
9.8% |
9.6% |
| Sales/Use Tax |
2,233.6 |
2,339.3 |
105.7 |
4.7% |
3.1% |
| Corporate Income Tax |
395.6 |
536.2 |
140.6 |
35.5% |
25.2% |
| Inheritance Tax |
56.2 |
61.3 |
5.1 |
9.1% |
5.0% |
| Insurance Premium Tax |
82.4 |
78.1 |
(4.3) |
-5.2% |
-1.5% |
| Beer Tax |
9.3 |
9.3 |
0.0 |
0.0% |
-33.7% |
| Franchise Tax |
40.0 |
36.9 |
(3.1) |
-7.8% |
-2.8% |
| Miscellaneous Tax |
18.7 |
16.5 |
(2.2) |
0.0% |
-0.4% |
| |
|
|
|
|
|
| Total Special Taxes |
$5,956.9 |
$6,505.5 |
$548.6 |
9.2% |
8.0% |
| |
|
|
|
|
|
| Institutional Payments |
8.2 |
4.3 |
(3.9) |
-47.6% |
-27.0% |
| Liquor Transfers: |
88.6 |
97.7 |
9.1 |
10.3% |
7.0% |
| Interest |
10.3 |
1.4 |
(8.9) |
-86.4% |
-79.5% |
| Fees |
20.2 |
18.9 |
(1.3) |
-6.4% |
-0.1% |
| Judicial Revenue |
55.0 |
44.0 |
(11.0) |
-20.0% |
-29.9% |
| Miscellaneous Receipts |
39.8 |
34.6 |
(5.2) |
-13.1% |
-8.6% |
| Gaming Revenues |
2.3 |
2.2 |
(0.1) |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$6,181.3 |
$6,708.6 |
$527.3 |
8.5% |
7.3% |
| |
|
|
|
|
|
| Transfers |
$76.9 |
$83.6 |
$6.7 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$6,258.2 |
$6,792.2 |
$534.0 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($341.5) |
($350.4) |
($8.9) |
|
|
| Refunds |
(358.8) |
(345.4) |
13.4 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($700.3) |
($695.8) |
$4.5 |
|
|
