Summary
Fiscal year-to-date gross receipts on a cash basis are 4.6 percent more compared to March 2019. The current estimate for Fiscal Year 2020 is a growth rate of 2.6 percent for gross receipts. Year-to-date receipts are not yet influenced by the coronavirus disease (COVID-19), but are anticipated to be impacted in the coming months. Also, filing due dates have been extended which will also have an effect on revenues in the next two months when compared to FY2019.
Personal Income Tax
Personal income tax receipts totaled $387.9 million during March 2020. This is $20.6 million or 5.6 percent more than the receipts of March 2019. Withholding tax receipts increased $12.9 million or 4.4 percent compared to last year. Estimated payments decreased $0.4 million compared to last year. Final return payments increased $8.1 million compared to last year. Fiscal year-to-date, personal income tax receipts totaled $3,509.0 million, an increase of 1.9 percent from a year ago. The estimate for personal income tax for Fiscal Year 2020 is for an increase of 1.0 percent over Fiscal Year 2019.
Sales/Use Tax
March sales/use tax receipts totaled $201.9 million, which represents an increase of $9.2 million or 4.8 percent over March 2019. Fiscal year-to-date, sales/use tax receipts totaled $2,435.5 million, an increase of $190.2 million or 7.0 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2020 is for an increase of 6.2 percent over Fiscal Year 2019.
Corporate Income Tax
Corporate income tax receipts during March totaled $39.0 million, which is $7.4 million or 23.4 percent more than in March 2019. Fiscal year-to-date corporate income tax receipts totaled $434.6 million, an increase of $46.8 million or 12.1 percent compared to the same period last year. The estimate for corporate income tax for Fiscal Year 2020 is for an increase of 2.9 percent over Fiscal Year 2019.
Refunds
For the month of March, the Department of Revenue issued $288.9 million in refunds on a cash basis. This compares to $219.1 million issued March 2019. For the fiscal year-to-date, total refunds issued on a cash basis were $647.7 million. This compares to $575.9 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING MARCH 31, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY20 Over (Under) |
FY20 Annual |
| |
OF MARCH |
FY19 |
Est Percent |
| |
FY19 |
FY20 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$367.3 |
$387.9 |
$20.6 |
5.6% |
1.0% |
| Sales/Use Tax |
192.7 |
201.9 |
9.2 |
4.8% |
6.2% |
| Corporate Income Tax |
31.6 |
39.0 |
7.4 |
23.4% |
2.9% |
| Inheritance Tax |
5.1 |
5.5 |
0.4 |
7.8% |
-4.0% |
| Insurance Premium Tax |
11.6 |
6.1 |
(5.5) |
100.0% |
-11.9% |
| Beer Tax |
0.9 |
0.0 |
(0.9) |
-100.0% |
0.0% |
| Franchise Tax |
2.2 |
2.3 |
0.1 |
4.5% |
-5.4% |
| Miscellaneous Tax |
0.3 |
0.7 |
0.4 |
-100.0% |
70.2% |
| |
|
|
|
|
|
| Total Special Taxes |
$611.7 |
$643.4 |
$31.7 |
5.2% |
2.7% |
| |
|
|
|
|
|
| Institutional Payments |
1.4 |
1.5 |
0.1 |
7.1% |
-5.4% |
| Liquor Transfers: |
9.6 |
9.3 |
(0.3) |
-3.1% |
2.8% |
| Interest |
1.1 |
1.6 |
0.5 |
45.5% |
52.2% |
| Fees |
4.0 |
3.9 |
(0.1) |
-2.5% |
-4.5% |
| Judicial Revenue |
8.3 |
9.1 |
0.8 |
9.6% |
0.0% |
| Miscellaneous Receipts |
2.3 |
2.4 |
0.1 |
4.3% |
-16.9% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$638.4 |
$671.2 |
$32.8 |
5.1% |
2.6% |
| |
|
|
|
|
|
| Transfers |
$0.1 |
$0.0 |
($0.1) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$638.5 |
$671.2 |
$32.7 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($41.0) |
($38.1) |
$2.9 |
|
|
| Refunds |
(219.1) |
(288.9) |
(69.8) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($260.1) |
($327.0) |
($66.9) |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE NINE MONTHS ENDING MARCH 31, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
NINE MONTHS |
FY20 Over (Under) |
FY20 Annual |
| |
THROUGH MARCH |
FY19 |
Est Percent |
| |
FY19 |
FY20 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$3,443.2 |
$3,509.0 |
$65.8 |
1.9% |
1.0% |
| Sales/Use Tax |
2,275.3 |
2,435.5 |
160.2 |
7.0% |
6.2% |
| Corporate Income Tax |
387.8 |
434.6 |
46.8 |
12.1% |
2.9% |
| Inheritance Tax |
63.7 |
61.7 |
(2.0) |
-3.1% |
-4.0% |
| Insurance Premium Tax |
89.3 |
88.5 |
(0.8) |
-0.9% |
-11.9% |
| Beer Tax |
10.1 |
9.3 |
(0.8) |
-7.9% |
0.0% |
| Franchise Tax |
30.9 |
42.3 |
11.4 |
36.9% |
-5.4% |
| Miscellaneous Tax |
7.6 |
19.4 |
11.8 |
155.3% |
70.2% |
| |
|
|
|
|
|
| Total Special Taxes |
$6,307.9 |
$6,600.3 |
$292.4 |
4.6% |
2.7% |
| |
|
|
|
|
|
| Institutional Payments |
8.6 |
9.7 |
1.1 |
12.8% |
-5.4% |
| Liquor Transfers: |
93.6 |
97.9 |
4.3 |
4.6% |
2.8% |
| Interest |
6.7 |
11.9 |
5.2 |
77.6% |
52.2% |
| Fees |
23.0 |
24.1 |
1.1 |
4.8% |
-4.5% |
| Judicial Revenue |
62.1 |
64.1 |
2.0 |
3.2% |
0.0% |
| Miscellaneous Receipts |
45.4 |
42.2 |
(3.2) |
-7.0% |
-16.9% |
| Gaming Revenues |
2.2 |
2.3 |
0.1 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$6,549.5 |
$6,852.5 |
$303.0 |
4.6% |
2.6% |
| |
|
|
|
|
|
| Transfers |
$93.4 |
$76.9 |
($16.5) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$6,642.9 |
$6,929.4 |
$286.5 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($382.1) |
($379.6) |
$2.5 |
|
|
| Refunds |
(575.9) |
(647.7) |
(71.8) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($958.0) |
($1,027.3) |
($69.3) |
|
|
