DATE: February 4, 2013
TO: The Honorable Terry E Branstad
The Honorable Kim Reynolds
FROM: David Roederer, Director
Department of Management
RE: January 2013 General Fund Receipts
Summary
Fiscal year-to-date gross receipts are 6.6 percent higher compared to the same period last year. Gross receipts are running ahead of the Revenue Estimating Conference estimate of 4.4 percent for the fiscal year.
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Gross General Fund receipts for January 2013 totaled $647.5 million, an increase of 6.3 percent over the same period last year. January 2013 had one more processing day compared to January 2012. Fiscal year-to-date, gross General Fund receipts totaled $4,206.9 million or 6.6 percent. The current estimate for FY2013 is 4.4 percent.
Personal Income Tax
Personal income tax receipts totaled $407.6 million during January 2013. This is $74.3 million or 22.3 percent more than the receipts of January 2012. Withholding tax receipts increased $6.1 million or 2.6 percent compared to last year. Estimated payments increased $64.7 million. Final return payments increased $3.5 million compared to what was received in January 2012. Fiscal year-to-date, personal income tax receipts totaled $2,111.0 million, an increase of 10.4 percent. The current estimate for personal income tax for Fiscal Year 2013 is for an increase of 5.2 percent.
Sales/Use Tax
January sales/use tax receipts totaled $160.9 million, which represents an increase of $6.6 million or 4.3 percent over January 2012. Fiscal year-to-date, sales/use tax receipts totaled $1,446.9 million, an increase of 3.2 percent. The current estimate for sales/use tax for Fiscal Year 2013 is for an increase of 3.1 percent.
Corporate Income Tax
Corporate income tax receipts during January totaled $20.0 million, which is a decrease of $21.2 million or 51.5 percent over January 2012. Fiscal year-to-date corporate income tax receipts totaled $286.4 million, an increase of 11.5 percent. The REC’s estimate for corporate income tax for Fiscal Year 2013 is for an increase of 13.9 percent.
Refunds
For the month of January, the Department of Revenue issued $24.5 million in refunds on a cash basis. This compares to $35.2 million issued January 2012. For the fiscal year-to-date, total refunds issued on a cash basis were $195.3 million. This compares to $251.5 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING JANUARY 31, 2013 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY13 Over (Under) |
FY13 Annual |
| |
OF JANUARY |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$333.3 |
$407.6 |
$74.3 |
22.3% |
5.2% |
| Sales/Use Tax |
154.3 |
160.9 |
6.6 |
4.3% |
3.1% |
| Corporate Income Tax |
41.2 |
20.0 |
(21.2) |
-51.5% |
13.9% |
| Inheritance Tax |
7.9 |
7.4 |
(0.5) |
-6.3% |
9.8% |
| Insurance Premium Tax |
0.1 |
0.2 |
0.1 |
100.0% |
2.6% |
| Cigarette Tax |
12.0 |
14.6 |
2.6 |
0.0% |
0.0% |
| Tobacco Tax |
2.6 |
2.3 |
(0.3) |
0.0% |
2.5% |
| Beer Tax |
1.2 |
1.1 |
(0.1) |
-8.3% |
3.5% |
| Franchise Tax |
4.2 |
5.7 |
1.5 |
35.7% |
10.4% |
| Miscellaneous Tax |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$556.8 |
$619.8 |
$63.0 |
11.3% |
5.0% |
| |
|
|
|
|
|
| Institutional Payments |
0.6 |
0.7 |
0.1 |
16.7% |
12.4% |
| Liquor Transfers: |
6.3 |
5.5 |
(0.8) |
0.0% |
0.0% |
| Interest |
0.2 |
0.2 |
0.0 |
0.0% |
0.0% |
| Fees |
4.1 |
3.7 |
(0.4) |
-9.8% |
-9.2% |
| Judicial Revenue |
11.5 |
9.5 |
(2.0) |
-17.4% |
0.1% |
| Miscellaneous Receipts |
9.8 |
8.4 |
(1.4) |
-14.3% |
-15.6% |
| Racing and Gaming |
20.0 |
(0.3) |
(20.3) |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$609.3 |
$647.5 |
$38.2 |
6.3% |
4.4% |
| |
|
|
|
|
|
| Transfers |
$19.0 |
$22.5 |
$3.5 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$628.3 |
$670.0 |
$41.7 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($32.9) |
($33.0) |
($0.1) |
|
|
| Refunds |
($35.2) |
($24.5) |
$10.7 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($68.1) |
($57.5) |
$10.6 |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE SEVEN MONTHS ENDING JANUARY 31, 2013 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
SEVEN MONTHS |
FY13 Over (Under) |
FY13 Annual |
| |
THROUGH JANUARY |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$1,912.9 |
$2,111.0 |
$198.1 |
10.4% |
5.2% |
| Sales/Use Tax |
1,402.2 |
1,446.9 |
44.7 |
3.2% |
3.1% |
| Corporate Income Tax |
256.8 |
286.4 |
29.6 |
11.5% |
13.9% |
| Inheritance Tax |
47.0 |
52.4 |
5.4 |
11.5% |
9.8% |
| Insurance Premium Tax |
46.9 |
47.6 |
0.7 |
1.5% |
2.6% |
| Cigarette Tax |
18.4 |
20.0 |
1.6 |
0.0% |
0.0% |
| Tobacco Tax |
5.2 |
6.6 |
1.4 |
26.9% |
2.5% |
| Beer Tax |
8.8 |
9.1 |
0.3 |
3.4% |
3.5% |
| Franchise Tax |
21.7 |
23.5 |
1.8 |
8.3% |
10.4% |
| Miscellaneous Tax |
0.4 |
0.4 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$3,720.3 |
$4,003.9 |
$283.6 |
7.6% |
5.0% |
| |
|
|
|
|
|
| Institutional Payments |
6.7 |
7.6 |
0.9 |
13.4% |
12.4% |
| Liquor Transfers: |
54.6 |
58.1 |
3.5 |
6.4% |
0.0% |
| Interest |
1.4 |
1.4 |
0.0 |
0.0% |
0.0% |
| Fees |
16.5 |
16.8 |
0.3 |
1.8% |
-9.2% |
| Judicial Revenue |
57.4 |
53.1 |
(4.3) |
-7.5% |
0.1% |
| Miscellaneous Receipts |
24.3 |
26.0 |
1.7 |
7.0% |
-15.6% |
| Racing and Gaming |
66.0 |
40.0 |
(26.0) |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$3,947.2 |
$4,206.9 |
$259.7 |
6.6% |
4.4% |
| |
|
|
|
|
|
| Transfers |
$64.8 |
$89.0 |
$24.2 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$4,012.0 |
$4,295.9 |
$283.9 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($255.1) |
($257.3) |
($2.2) |
|
|
| Refunds |
(251.5) |
(195.3) |
56.2 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($506.6) |
($452.6) |
$54.0 |
|
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january_2013_memo.pdf