Summary
Fiscal year-to-date gross receipts on a cash basis are 30.4 percent less compared to July 2020. July receipts are heavily impacted by the filing date changes done last year for individual and corporate income tax returns from April 30 to July 30, 2020.
Personal Income Tax
Personal income tax receipts totaled $283.0 million during July 2021. This is $291.0 million or 50.7 percent less than the receipts of July 2020. Withholding tax receipts decreased $78.9 million or 24.4 percent compared to last year. Estimated payments decreased $26.8 million compared to last year. Final return payments decreased $185.4 million. All of the decrease in final return payments can be attributed to the filing date changes made last year for individual income tax returns from April 30 to July 30, 2020.
Sales/Use Tax
July sales/use tax receipts totaled $381.0 million, which represents an increase of $69.0 million or 22.1 percent over July 2020.
Corporate Income Tax
Corporate income tax receipts during July totaled $8.4 million, which is $106.6 million or 92.7 percent less than in July 2020. All of the decrease in final return payments can be attributed to the filing date changes made last year for individual income tax returns from April 30 to July 30, 2020.
Refunds
For the month of July, the Department of Revenue issued $52.3 million in refunds on a cash basis. This compares to $61.5 million issued July 2020.
FY 2021 Year-to-Date Net General Fund Receipts on an Accrual Basis
As can be seen from the chart below, year-to-date net General Fund receipts have increased 16.6 percent, which is ahead of the REC estimate of 1.9 percent. However, with the change in filing dates last year from April 30 to July 30, 2020 for individual and corporate income tax returns, it is anticipated when accrual adjustments are made, actual amounts will come closer to the estimates. We will update this table monthly until the State’s books are closed at the end of September 2021.
| Net General Fund Receipts |
| Accrual Basis |
| Through July 31, 2021 |
| |
|
|
|
|
|
|
|
|
|
Adjusted |
| |
|
FY20 |
|
FY21 |
|
Variance |
|
Percent |
|
Estimate |
| |
|
|
|
|
|
|
|
|
|
|
| Total Gross Receipts |
|
8,417.8 |
|
9,599.3 |
|
1,181.5 |
|
14.0% |
|
2.9% |
| Transfers |
|
97.8 |
|
104.5 |
|
6.7 |
|
6.9% |
|
5.5% |
| Refunds |
|
(1,057.9) |
|
(1,083.7) |
|
(25.8) |
|
2.4% |
|
10.0% |
| School Infrastructure Transfer |
|
(513.9) |
|
(523.6) |
|
(9.7) |
|
1.9% |
|
4.7% |
| |
|
|
|
|
|
|
|
|
|
|
| Net General Fund Revenues compared to REC |
|
6,943.8 |
|
8,096.5 |
|
1,152.7 |
|
16.6% |
|
1.9% |
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE ONE MONTH ENDING JULY 31, 2021 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY22 Over (Under) |
FY22 Annual |
| |
OF JULY |
FY21 |
Est Percent |
| |
FY21 |
FY22 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$574.0 |
$283.0 |
($291.0) |
-50.7% |
-5.6% |
| Sales/Use Tax |
312.0 |
381.0 |
69.0 |
22.1% |
-3.2% |
| Corporate Income Tax |
115.0 |
8.4 |
(106.6) |
-92.7% |
-24.5% |
| Inheritance Tax |
5.1 |
8.3 |
3.2 |
62.7% |
-3.4% |
| Insurance Premium Tax |
2.7 |
4.4 |
1.7 |
63.0% |
1.3% |
| Beer Tax |
0.5 |
1.4 |
0.9 |
180.0% |
-38.4% |
| Franchise Tax |
7.4 |
4.9 |
(2.5) |
-33.8% |
-3.3% |
| Miscellaneous Tax |
2.8 |
0.0 |
(2.8) |
0.0% |
-0.4% |
| |
|
|
|
|
|
| Total Special Taxes |
$1,019.5 |
$691.4 |
($328.1) |
-32.2% |
-6.5% |
| |
|
|
|
|
|
| Institutional Payments |
0.5 |
0.6 |
0.1 |
20.0% |
57.7% |
| Liquor Transfers: |
13.1 |
16.9 |
3.8 |
29.0% |
-3.6% |
| Interest |
0.3 |
0.1 |
(0.2) |
-66.7% |
0.0% |
| Fees |
2.1 |
2.4 |
0.3 |
14.3% |
-13.7% |
| Judicial Revenue |
2.5 |
2.9 |
0.4 |
16.0% |
-23.0% |
| Miscellaneous Receipts |
3.3 |
10.5 |
7.2 |
218.2% |
-25.3% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Gross Tax and Other Receipts |
$1,041.3 |
$724.8 |
($316.5) |
-30.4% |
-6.7% |
| |
|
|
|
|
|
| Transfers |
$24.5 |
$25.8 |
$1.3 |
|
|
| |
|
|
|
|
|
| Total Gross Tax and Other Rcpts & Transfers |
$1,065.8 |
$750.6 |
($315.2) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($47.5) |
($48.8) |
($1.3) |
|
|
| Refunds |
(61.5) |
(52.3) |
9.2 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($109.0) |
($101.1) |
$7.9 |
|
|
