Summary
Fiscal year-to-date gross receipts on a cash basis are 2.3 percent less compared to June 2019. The estimate for Fiscal Year 2020 was a growth rate of -3.0 percent for gross receipts. FY 2020 receipts were considerably impacted by the filing date changes for individual and corporate income tax returns and responses to the coronavirus outbreak.
Personal Income Tax
Personal income tax receipts totaled $376.8 million during June 2020. This is $2.7 million or 0.7 percent less than the receipts of June 2019. Withholding tax receipts decreased $12.1 million or 4.1 percent compared to last year. Estimated payments decreased $17.4 million compared to last year. Final return payments increased $26.8 million compared to last year. Final returns were impacted by the filing due date for individual tax returns for tax year 2019 being extended from April 30 to July 30 this year due to the coronavirus disease outbreak. Fiscal year-to-date, personal income tax receipts totaled $4,652.0 million, a decrease of 5.9 percent from a year ago. The estimate for personal income tax for Fiscal Year 2020 was for a decrease of 6.7 percent over Fiscal Year 2019.
Sales/Use Tax
June sales/use tax receipts totaled $238.3 million, which represents an increase of $10.2 million or 4.5 percent over June 2019. Fiscal year-to-date, sales/use tax receipts totaled $3,176.1 million, an increase of $130.6 million or 4.3 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2020 was for an increase of 3.4 percent over Fiscal Year 2019.
Corporate Income Tax
Corporate income tax receipts during June totaled $101.3 million, which is $4.5 million or 4.6 percent more than in June 2019. Fiscal year-to-date corporate income tax receipts totaled $648.7 million, a decrease of $57.6 million or 8.2 percent compared to the same period last year. Corporate income taxes were impacted by the filing due date for corporate income tax returns for tax year 2019 being extended from April 30 to July 30 this year due to the coronavirus disease outbreak. The estimate for corporate income tax for Fiscal Year 2020 was for a decrease of 8.2 percent over Fiscal Year 2019.
Refunds
For the month of June, the Department of Revenue issued $51.6 million in refunds on a cash basis. This compares to $52.7 million issued June 2019. For the fiscal year-to-date, total refunds issued on a cash basis were $1,079.0 million. This compares to $1,111.5 million issued at this time last year.
FY 2020 Year-to-Date Net General Fund Receipts on an Accrual Basis
With twelve months of the fiscal year completed, as can be seen from the chart below, year-to-date net General Fund receipts have decreased 2.7 percent, which is behind the REC estimate of 1.0 percent. However, receipts on an accrual basis have been impacted by the filing due date for tax returns for tax year 2019 being extended from April 30 to July 30 this year and economic responses to the coronavirus disease outbreak We will update this table monthly until the State’s books are closed at the end of September 2020.
| Net General Fund Receipts |
| Accrual Basis |
| Through June 30, 2020 |
| |
|
|
|
|
|
|
|
|
|
Adjusted |
| |
|
FY19 |
|
FY20 |
|
Variance |
|
Percent |
|
Estimate |
| |
|
|
|
|
|
|
|
|
|
|
| Total Gross Receipts |
|
8,661.8 |
|
8,427.1 |
|
(234.7) |
|
-2.7% |
|
0.7% |
| Transfers |
|
77.9 |
|
73.3 |
|
(4.6) |
|
-5.9% |
|
-16.3% |
| Refunds |
|
(1,049.1) |
|
(996.2) |
|
52.9 |
|
-5.0% |
|
-4.1% |
| School Infrastructure Transfer |
|
(459.3) |
|
(466.4) |
|
(7.1) |
|
1.5% |
|
1.6% |
| |
|
|
|
|
|
|
|
|
|
|
| Net General Fund Revenues compared to REC |
|
7,231.3 |
|
7,037.8 |
|
(193.5) |
|
-2.7% |
|
1.0% |
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING JUNE 30, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY20 Over (Under) |
FY20 Annual |
| |
OF JUNE |
FY19 |
Est Percent |
| |
FY19 |
FY20 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$379.5 |
$376.8 |
($2.7) |
-0.7% |
-6.7% |
| Sales/Use Tax |
228.1 |
238.3 |
10.2 |
4.5% |
3.4% |
| Corporate Income Tax |
96.8 |
101.3 |
4.5 |
4.6% |
-8.2% |
| Inheritance Tax |
4.1 |
5.9 |
1.8 |
43.9% |
10.0% |
| Insurance Premium Tax |
2.7 |
26.0 |
23.3 |
863.0% |
-4.9% |
| Beer Tax |
1.3 |
0.0 |
(1.3) |
-100.0% |
-6.7% |
| Franchise Tax |
7.3 |
11.2 |
3.9 |
53.4% |
-4.4% |
| Miscellaneous Tax |
5.8 |
0.1 |
(5.7) |
-98.3% |
73.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$725.6 |
$759.6 |
$34.0 |
4.7% |
-3.1% |
| |
|
|
|
|
|
| Institutional Payments |
0.8 |
1.5 |
0.7 |
87.5% |
0.0% |
| Liquor Transfers: |
11.7 |
12.8 |
1.1 |
9.4% |
2.8% |
| Interest |
0.7 |
0.7 |
0.0 |
0.0% |
70.0% |
| Fees |
3.2 |
0.4 |
(2.8) |
-87.5% |
6.6% |
| Judicial Revenue |
10.3 |
8.2 |
(2.1) |
-20.4% |
0.0% |
| Miscellaneous Receipts |
3.5 |
2.9 |
(0.6) |
-17.1% |
-16.4% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$755.8 |
$786.1 |
$30.3 |
4.0% |
-3.0% |
| |
|
|
|
|
|
| Transfers |
$0.1 |
$0.1 |
$0.0 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$755.9 |
$786.2 |
$30.3 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($41.6) |
($44.8) |
($3.2) |
|
|
| Refunds |
(52.7) |
(51.6) |
1.1 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($94.3) |
($96.4) |
($2.1) |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE TWELVE MONTHS ENDING JUNE 30, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
TWELVE MONTHS |
FY20 Over (Under) |
FY20 Annual |
| |
THROUGH JUNE |
FY19 |
Est Percent |
| |
FY19 |
FY20 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$4,944.0 |
$4,652.0 |
($292.0) |
-5.9% |
-6.7% |
| Sales/Use Tax |
3,045.5 |
3,176.1 |
130.6 |
4.3% |
3.4% |
| Corporate Income Tax |
706.3 |
648.7 |
(57.6) |
-8.2% |
-8.2% |
| Inheritance Tax |
80.7 |
81.5 |
0.8 |
1.0% |
10.0% |
| Insurance Premium Tax |
153.4 |
143.5 |
(9.9) |
-6.5% |
-4.9% |
| Beer Tax |
13.5 |
9.8 |
(3.7) |
-27.4% |
-6.7% |
| Franchise Tax |
59.7 |
67.9 |
8.2 |
13.7% |
-4.4% |
| Miscellaneous Tax |
14.0 |
24.9 |
10.9 |
77.9% |
73.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$9,017.1 |
$8,804.4 |
($212.7) |
-2.4% |
-3.1% |
| |
|
|
|
|
|
| Institutional Payments |
11.2 |
12.6 |
1.4 |
12.5% |
0.0% |
| Liquor Transfers: |
125.6 |
131.9 |
6.3 |
5.0% |
2.8% |
| Interest |
9.0 |
15.1 |
6.1 |
67.8% |
70.0% |
| Fees |
28.9 |
28.4 |
(0.5) |
-1.7% |
6.6% |
| Judicial Revenue |
95.4 |
90.4 |
(5.0) |
-5.2% |
0.0% |
| Miscellaneous Receipts |
62.2 |
51.0 |
(11.2) |
-18.0% |
-16.4% |
| Gaming Revenues |
2.2 |
2.3 |
0.1 |
4.5% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$9,351.6 |
$9,136.1 |
($215.5) |
-2.3% |
-3.0% |
| |
|
|
|
|
|
| Transfers |
$118.5 |
$113.9 |
($4.6) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$9,470.1 |
$9,250.0 |
($220.1) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($508.9) |
($510.2) |
($1.3) |
|
|
| Refunds |
(1,111.5) |
(1,079.0) |
32.5 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($1,620.4) |
($1,589.2) |
$31.2 |
|
|
