Summary
Fiscal year-to-date gross receipts on a cash basis are 2.9 percent less compared to May 2019. The current estimate for Fiscal Year 2020 is a growth rate of -3.0 percent for gross receipts. Year-to-date receipts are considerably impacted by the filing date changes for individual and corporate income tax returns.
Personal Income Tax
Personal income tax receipts totaled $374.5 million during May 2020. This is $88.2 million or 19.1 percent less than the receipts of May 2019. Withholding tax receipts increased $25.8 million or 8.5 percent compared to last year. Estimated payments increased $1.3 million compared to last year. Final return payments decreased $115.3 million compared to last year. This reduction in final returns was anticipated as the filing due date for individual tax returns for tax year 2019 has been extended from April 30 to July 30 this year due to the coronavirus disease outbreak. Fiscal year-to-date, personal income tax receipts totaled $4,275.2 million, a decrease of 6.3 percent from a year ago. The estimate for personal income tax for Fiscal Year 2020 is for a decrease of 6.7 percent over Fiscal Year 2019.
Sales/Use Tax
May sales/use tax receipts totaled $257.3 million, which represents a decrease of $37.5 million or 12.7 percent over May 2019. Fiscal year-to-date, sales/use tax receipts totaled $2,937.8 million, an increase of $120.4 million or 4.3 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2020 is for an increase of 3.4 percent over Fiscal Year 2019.
Corporate Income Tax
Corporate income tax receipts during May totaled $18.7 million, which is $30.7 million or 62.1 percent less than in May 2019. This reduction was anticipated as the filing due date for corporate tax returns has been extended from April 30 to July 30 this year due to the coronavirus disease outbreak. Fiscal year-to-date corporate income tax receipts totaled $547.4 million, a decrease of $62.1 million or 10.2 percent compared to the same period last year. The estimate for corporate income tax for Fiscal Year 2020 is for a decrease of 8.2 percent over Fiscal Year 2019.
Refunds
For the month of May, the Department of Revenue issued $145.0 million in refunds on a cash basis. This compares to $211.5 million issued May 2019. For the fiscal year-to-date, total refunds issued on a cash basis were $1,027.4 million. This compares to $1,058.8 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING MAY 31, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY20 Over (Under) |
FY20 Annual |
| |
OF MAY |
FY19 |
Est Percent |
| |
FY19 |
FY20 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$462.7 |
$374.5 |
($88.2) |
-19.1% |
-6.7% |
| Sales/Use Tax |
294.8 |
257.3 |
(37.5) |
-12.7% |
3.4% |
| Corporate Income Tax |
49.4 |
18.7 |
(30.7) |
-62.1% |
-8.2% |
| Inheritance Tax |
9.0 |
7.2 |
(1.8) |
-20.0% |
10.0% |
| Insurance Premium Tax |
58.9 |
28.5 |
(30.4) |
100.0% |
-4.9% |
| Beer Tax |
1.1 |
0.5 |
(0.6) |
-54.5% |
-6.7% |
| Franchise Tax |
7.6 |
4.0 |
(3.6) |
-47.4% |
-4.4% |
| Miscellaneous Tax |
0.2 |
5.1 |
4.9 |
-100.0% |
73.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$883.7 |
$695.8 |
($187.9) |
-21.3% |
-3.1% |
| |
|
|
|
|
|
| Institutional Payments |
0.8 |
0.6 |
(0.2) |
-25.0% |
0.0% |
| Liquor Transfers: |
9.4 |
10.0 |
0.6 |
6.4% |
2.8% |
| Interest |
1.1 |
1.3 |
0.2 |
18.2% |
70.0% |
| Fees |
2.4 |
1.4 |
(1.0) |
-41.7% |
6.6% |
| Judicial Revenue |
13.2 |
9.8 |
(3.4) |
-25.8% |
0.0% |
| Miscellaneous Receipts |
3.2 |
3.4 |
0.2 |
6.2% |
-16.4% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$913.8 |
$722.3 |
($191.5) |
-21.0% |
-3.0% |
| |
|
|
|
|
|
| Transfers |
$0.1 |
$0.1 |
$0.0 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$913.9 |
$722.4 |
($191.5) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($41.7) |
($44.8) |
($3.1) |
|
|
| Refunds |
(211.5) |
(145.0) |
66.5 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($253.2) |
($189.8) |
$63.4 |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE ELEVEN MONTHS ENDING MAY 31, 2020 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
ELEVEN MONTHS |
FY20 Over (Under) |
FY20 Annual |
| |
THROUGH MAY |
FY19 |
Est Percent |
| |
FY19 |
FY20 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$4,564.5 |
$4,275.2 |
($289.3) |
-6.3% |
-6.7% |
| Sales/Use Tax |
2,817.4 |
2,937.8 |
120.4 |
4.3% |
3.4% |
| Corporate Income Tax |
609.5 |
547.4 |
(62.1) |
-10.2% |
-8.2% |
| Inheritance Tax |
76.6 |
75.6 |
(1.0) |
-1.3% |
10.0% |
| Insurance Premium Tax |
150.7 |
117.5 |
(33.2) |
-22.0% |
-4.9% |
| Beer Tax |
12.2 |
9.8 |
(2.4) |
-19.7% |
-6.7% |
| Franchise Tax |
52.4 |
56.7 |
4.3 |
8.2% |
-4.4% |
| Miscellaneous Tax |
8.2 |
24.8 |
16.6 |
202.4% |
73.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$8,291.5 |
$8,044.8 |
($246.7) |
-3.0% |
-3.1% |
| |
|
|
|
|
|
| Institutional Payments |
10.4 |
11.1 |
0.7 |
6.7% |
0.0% |
| Liquor Transfers: |
113.9 |
119.1 |
5.2 |
4.6% |
2.8% |
| Interest |
8.3 |
14.4 |
6.1 |
73.5% |
70.0% |
| Fees |
25.7 |
28.0 |
2.3 |
8.9% |
6.6% |
| Judicial Revenue |
85.1 |
82.2 |
(2.9) |
-3.4% |
0.0% |
| Miscellaneous Receipts |
58.7 |
48.1 |
(10.6) |
-18.1% |
-16.4% |
| Gaming Revenues |
2.2 |
2.3 |
0.1 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$8,595.8 |
$8,350.0 |
($245.8) |
-2.9% |
-3.0% |
| |
|
|
|
|
|
| Transfers |
$118.4 |
$113.8 |
($4.6) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$8,714.2 |
$8,463.8 |
($250.4) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($467.3) |
($485.4) |
($18.1) |
|
|
| Refunds |
(1,058.8) |
(1,027.4) |
31.4 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($1,526.1) |
($1,512.8) |
$13.3 |
|
|
