Summary
Fiscal year-to-date gross receipts on a cash basis are 13.4 percent less compared to the same period in Fiscal Year 2022.
Personal Income Tax
Personal income tax receipts totaled $303.0 million during July 2022. This is $20.0 million or 7.1 percent more than the receipts of July 2021. Withholding tax receipts increased $2.5 million or 0.8 percent compared to last year. Estimated payments increased $12.8 million compared to last year. Final return payments increased $4.7 million. The estimate for personal income tax for Fiscal Year 2023 is for a decrease of 6.7 percent.
Sales/Use Tax
July sales/use tax receipts totaled $224.6 million, which represents a decrease of $156.4 million or -41.0 percent over July 2021. The estimate for sales/use tax for Fiscal Year 2023 is for an increase of 3.9 percent over Fiscal Year 2022.
Corporate Income Tax
Corporate income tax receipts during July totaled $43.3 million, which is $34.9 million more than in July 2021. The estimate for corporate income tax for Fiscal Year 2022 is for a decrease of 9.8 percent for FY2023.
Refunds
For the month of July, the Department of Revenue issued $34.4 million in refunds on a cash basis. This compares to $52.3 million issued July 2021.
FY 2022 Year-to-Date Net General Fund Receipts on an Accrual Basis
As can be seen from the chart below, year-to-date net General Fund receipts have increased 11.6 percent, which is ahead of the REC estimate of 4.2 percent. We will update this table monthly until the State’s books are closed at the end of September 2022.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE ONE MONTH ENDING JULY 31, 2022 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY23 Over (Under) |
FY23 Annual |
| |
OF JULY |
FY22 |
Est Percent |
| |
FY22 |
FY23 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$283.0 |
$303.0 |
$20.0 |
7.1% |
-6.7% |
| Sales/Use Tax |
381.0 |
224.6 |
(156.4) |
-41.0% |
3.9% |
| Corporate Income Tax |
8.4 |
43.3 |
34.9 |
415.5% |
-9.8% |
| Inheritance Tax |
8.3 |
6.5 |
(1.8) |
-21.7% |
-20.5% |
| Insurance Premium Tax |
4.4 |
0.3 |
(4.1) |
-93.2% |
-4.4% |
| Beer Tax |
1.4 |
1.4 |
0.0 |
0.0% |
0.7% |
| Franchise Tax |
4.9 |
4.5 |
(0.4) |
-8.2% |
-9.1% |
| Miscellaneous Tax |
0.0 |
20.8 |
20.8 |
0.0% |
-73.1% |
| |
|
|
|
|
|
| Total Special Taxes |
$691.4 |
$604.4 |
($87.0) |
-12.6% |
-3.8% |
| |
|
|
|
|
|
| Institutional Payments |
0.6 |
0.9 |
0.3 |
50.0% |
-13.8% |
| Liquor Transfers: |
16.9 |
12.5 |
(4.4) |
-26.0% |
-1.9% |
| Interest |
0.1 |
1.0 |
0.9 |
900.0% |
-30.6% |
| Fees |
2.4 |
1.1 |
(1.3) |
-54.2% |
-10.1% |
| Judicial Revenue |
2.9 |
2.9 |
0.0 |
0.0% |
11.3% |
| Miscellaneous Receipts |
10.5 |
4.9 |
(5.6) |
-53.3% |
-30.9% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Gross Tax and Other Receipts |
$724.8 |
$627.7 |
($97.1) |
-13.4% |
-3.8% |
| |
|
|
|
|
|
| Transfers |
$25.8 |
$24.1 |
($1.7) |
|
|
| |
|
|
|
|
|
| Total Gross Tax and Other Rcpts & Transfers |
$750.6 |
$651.8 |
($98.8) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($48.8) |
($45.1) |
$3.7 |
|
|
| Refunds |
(52.3) |
(34.4) |
17.9 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($101.1) |
($79.5) |
$21.6 |
|
|
