DATE: June 4, 2013
TO: The Honorable Terry E Branstad
The Honorable Kim Reynolds
FROM: David Roederer, Director
Department of Management
RE: May 2013 General Fund Receipts
Summary
Fiscal year-to-date gross receipts are 7.7 percent higher compared to the same period last year. Gross receipts are running ahead of the Revenue Estimating Conference estimate of 5.7 percent for the fiscal year. Much of this growth is due to the increase in final return payments which were due April 30 and processed in April and May. This growth likely reflects a shift in income to calendar year 2012 amidst the federal tax uncertainty over the “fiscal cliff” as well as economic strength in 2012 compared to 2011.
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Gross General Fund receipts for May 2013 totaled $1,022.9 million, an increase of 16.8 percent over the same period last year. Fiscal year-to-date, gross General Fund receipts totaled $7,237.4 million or 7.7 percent. The current estimate for FY2013 is 5.7 percent.
Personal Income Tax
Personal income tax receipts totaled $560.3 million during May 2013. This is $139.2 million or 33.1 percent more than the receipts of May 2012. Withholding tax receipts increased $12.3 million or 4.4 percent compared to last year. Estimated payments increased $6.2 million. Final return payments increased $120.7 million compared to what was received in May 2012. Because of the late resolution of federal tax law changes by Congress, the IRS delayed the opening of tax filing and delayed the availability of many 2012 tax forms. Iowa returns were similarly delayed and Iowa extended the farm return due date from March 1 to April 15. It appears that farmers waited to file their tax returns until April this year, taking advantage of the extension. Fiscal year-to-date, personal income tax receipts totaled $3,773.3 million, an increase of 12.8 percent. The current estimate for personal income tax for Fiscal Year 2013 is for an increase of 8.9 percent.
Sales/Use Tax
May sales/use tax receipts totaled $319.8 million, which represents a decrease of $3.6 million or 1.1 percent over May 2012. Fiscal year-to-date, sales/use tax receipts totaled $2,357.5 million, an increase of 1.7 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 May totaled $51.2 million, which is a decrease of $10.7 million or 17.3 percent over May 2012. Fiscal year-to-date corporate income tax receipts totaled $485.2 million, an increase of 10.3 percent. The REC’s estimate for corporate income tax for Fiscal Year 2013 is for an increase of 6.5 percent.
Refunds
For the month of May, the Department of Revenue issued $74.2 million in refunds on a cash basis. This compares to $50.6 million issued May 2012. For the fiscal year-to-date, total refunds issued on a cash basis were $791.5 million. This compares to $814.0 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING MAY 31, 2013 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY13 Over (Under) |
FY13 Annual |
| |
OF MAY |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$421.1 |
$560.3 |
$139.2 |
33.1% |
8.9% |
| Sales/Use Tax |
323.4 |
319.8 |
(3.6) |
-1.1% |
3.1% |
| Corporate Income Tax |
61.9 |
51.2 |
(10.7) |
-17.3% |
6.5% |
| Inheritance Tax |
7.2 |
7.5 |
0.3 |
4.2% |
19.1% |
| Insurance Premium Tax |
11.9 |
26.3 |
14.4 |
100.0% |
4.6% |
| Cigarette Tax |
15.2 |
17.4 |
2.2 |
0.0% |
-6.7% |
| Tobacco Tax |
3.0 |
3.1 |
0.1 |
0.0% |
6.7% |
| Beer Tax |
1.1 |
1.2 |
0.1 |
9.1% |
2.1% |
| Franchise Tax |
3.3 |
4.1 |
0.8 |
24.2% |
15.7% |
| Miscellaneous Tax |
0.2 |
0.2 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$848.3 |
$991.1 |
$142.8 |
16.8% |
6.5% |
| |
|
|
|
|
|
| Institutional Payments |
1.7 |
1.6 |
(0.1) |
-5.9% |
12.4% |
| Liquor Transfers: |
8.3 |
10.5 |
2.2 |
0.0% |
0.0% |
| Interest |
0.2 |
0.3 |
0.1 |
50.0% |
0.0% |
| Fees |
2.3 |
1.2 |
(1.1) |
-47.8% |
-7.9% |
| Judicial Revenue |
12.4 |
12.6 |
0.2 |
1.6% |
-3.3% |
| Miscellaneous Receipts |
2.6 |
5.6 |
3.0 |
115.4% |
-15.6% |
| Racing and Gaming |
0.0 |
0.0 |
0.0 |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$875.8 |
$1,022.9 |
$147.1 |
16.8% |
5.7% |
| |
|
|
|
|
|
| Transfers |
$0.2 |
$0.2 |
$0.0 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$876.0 |
$1,023.1 |
$147.1 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($30.7) |
($30.8) |
($0.1) |
|
|
| Refunds |
($50.6) |
($74.2) |
($23.6) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($81.3) |
($105.0) |
($23.7) |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE ELEVEN MONTHS ENDING MAY 31, 2013 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
ELEVEN MONTHS |
FY13 Over (Under) |
FY13 Annual |
| |
THROUGH MAY |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$3,346.1 |
$3,773.3 |
$427.2 |
12.8% |
8.9% |
| Sales/Use Tax |
2,318.5 |
2,357.5 |
39.0 |
1.7% |
3.1% |
| Corporate Income Tax |
440.0 |
485.2 |
45.2 |
10.3% |
6.5% |
| Inheritance Tax |
69.5 |
79.6 |
10.1 |
14.5% |
19.1% |
| Insurance Premium Tax |
70.1 |
87.8 |
17.7 |
25.2% |
4.6% |
| Cigarette Tax |
82.1 |
83.9 |
1.8 |
0.0% |
-6.7% |
| Tobacco Tax |
14.1 |
15.8 |
1.7 |
12.1% |
6.7% |
| Beer Tax |
13.1 |
13.1 |
0.0 |
0.0% |
2.1% |
| Franchise Tax |
35.8 |
37.8 |
2.0 |
5.6% |
15.7% |
| Miscellaneous Tax |
1.0 |
1.1 |
0.1 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$6,390.3 |
$6,935.1 |
$544.8 |
8.5% |
6.5% |
| |
|
|
|
|
|
| Institutional Payments |
11.7 |
12.8 |
1.1 |
9.4% |
12.4% |
| Liquor Transfers: |
86.3 |
86.0 |
(0.3) |
-0.3% |
0.0% |
| Interest |
2.3 |
2.4 |
0.1 |
4.3% |
0.0% |
| Fees |
27.3 |
27.1 |
(0.2) |
-0.7% |
-7.9% |
| Judicial Revenue |
102.8 |
97.0 |
(5.8) |
-5.6% |
-3.3% |
| Miscellaneous Receipts |
35.2 |
37.0 |
1.8 |
5.1% |
-15.6% |
| Racing and Gaming |
66.0 |
40.0 |
(26.0) |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$6,721.9 |
$7,237.4 |
$515.5 |
7.7% |
5.7% |
| |
|
|
|
|
|
| Transfers |
$88.1 |
$116.8 |
$28.7 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$6,810.0 |
$7,354.2 |
$544.2 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($377.1) |
($380.4) |
($3.3) |
|
|
| Refunds |
(814.0) |
(791.5) |
22.5 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($1,191.1) |
($1,171.9) |
$19.2 |
|
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