Summary
Fiscal year-to-date gross receipts on a cash basis are 4.9 percent more compared to the same period in Fiscal Year 2022. The current estimate is for a decrease of 1.3 percent for gross receipts on a cash basis and will be reviewed at the December 14, 2022 REC meeting.
Personal Income Tax
November 2022 personal income tax receipts totaled $472.0 million which represents an increase of $70.9 million or 17.7 percent over November 2021. Withholding tax receipts increased $63.3 million or 16.4 percent compared to last year. Estimated payments increased $2.3 million compared to last year. Final return payments increased $5.3 million. Fiscal year-to-date, personal income tax receipts totaled $2,082.8 million, an increase of 11.1 percent. The estimate for personal income tax for Fiscal Year 2023 is for a decrease of 4.3 percent.
Sales/Use Tax
November 2022 sales/use tax receipts totaled $278.4 million, which represents an increase of $29.9 million or 12.0 percent over November 2021. Fiscal year-to-date, sales/use tax receipts totaled $1,609.1 million, an increase of $21.5 million or 1.4 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2023 is for an increase of 3.0 percent over Fiscal Year 2022.
Corporate Income Tax
November 2022 corporate income tax receipts totaled $11.4 million, which represents a decrease of $13.9 million or 54.9 percent compared to November 2021. Fiscal year-to-date corporate income tax receipts totaled $297.3 million, an increase of $30.9 million or 11.6 percent. The estimate for corporate income tax for Fiscal Year 2023 is for an increase of 6.8 percent over Fiscal Year 2022.
Refunds
November 2022 the Department of Revenue issued $58.2 million in refunds on a cash basis. This compares to $36.3 million issued November 2021. For the fiscal year-to-date, total refunds issued on a cash basis were $278.7 million. This compares to $255.5 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING NOVEMBER 30, 2022 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY23 Over (Under) |
FY23 Annual |
| |
OF NOVEMBER |
FY22 |
Est Percent |
| |
FY22 |
FY23 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$401.1 |
$472.0 |
$70.9 |
17.7% |
-4.3% |
| Sales/Use Tax |
248.5 |
278.4 |
29.9 |
12.0% |
3.0% |
| Corporate Income Tax |
25.3 |
11.4 |
(13.9) |
-54.9% |
6.8% |
| Inheritance Tax |
6.7 |
7.9 |
1.2 |
17.9% |
-4.4% |
| Insurance Premium Tax |
0.0 |
(0.3) |
(0.3) |
100.0% |
2.6% |
| Beer Tax |
1.1 |
0.9 |
(0.2) |
-18.2% |
-5.9% |
| Franchise Tax |
0.2 |
0.3 |
0.1 |
50.0% |
-1.8% |
| Miscellaneous Tax |
139.7 |
(97.0) |
(236.7) |
-169.4% |
-53.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$822.6 |
$673.6 |
($149.0) |
-18.1% |
-1.0% |
| |
|
|
|
|
|
| Institutional Payments |
0.7 |
1.0 |
0.3 |
42.9% |
-13.8% |
| Liquor Transfers: |
14.2 |
13.9 |
(0.3) |
-2.1% |
-2.2% |
| Interest |
0.4 |
4.9 |
4.5 |
1125.0% |
200.0% |
| Fees |
1.7 |
0.9 |
(0.8) |
-47.1% |
-8.1% |
| Judicial Revenue |
8.5 |
8.4 |
(0.1) |
-1.2% |
-33.6% |
| Miscellaneous Receipts |
5.0 |
4.5 |
(0.5) |
-10.0% |
-11.4% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$853.1 |
$707.2 |
($145.9) |
-17.1% |
-1.3% |
| |
|
|
|
|
|
| Transfers |
$0.1 |
$0.4 |
$0.3 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$853.2 |
$707.6 |
($145.6) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($58.2) |
($62.1) |
($3.9) |
|
|
| Refunds |
($36.3) |
($58.2) |
($21.9) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($94.5) |
($120.3) |
($25.8) |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE FIVE MONTHS ENDING NOVEMBER 30, 2022 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
FIVE MONTHS |
FY23 Over (Under) |
FY23 Annual |
| |
THROUGH NOVEMBER |
FY22 |
Est Percent |
| |
FY22 |
FY23 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$1,875.2 |
$2,082.8 |
$207.6 |
11.1% |
-4.3% |
| Sales/Use Tax |
1,587.6 |
1,609.1 |
21.5 |
1.4% |
3.0% |
| Corporate Income Tax |
266.4 |
297.3 |
30.9 |
11.6% |
6.8% |
| Inheritance Tax |
43.1 |
47.3 |
4.2 |
9.7% |
-4.4% |
| Insurance Premium Tax |
64.7 |
64.4 |
(0.3) |
-0.5% |
2.6% |
| Beer Tax |
6.3 |
6.0 |
(0.3) |
-4.8% |
-5.9% |
| Franchise Tax |
19.1 |
18.9 |
(0.2) |
-1.0% |
-1.8% |
| Miscellaneous Tax |
141.4 |
72.4 |
(69.0) |
-48.8% |
-53.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$4,003.8 |
$4,198.2 |
$194.4 |
4.9% |
-1.0% |
| |
|
|
|
|
|
| Institutional Payments |
4.1 |
5.1 |
1.0 |
24.4% |
-13.8% |
| Liquor Transfers: |
66.6 |
65.4 |
(1.2) |
-1.8% |
-2.2% |
| Interest |
0.9 |
13.0 |
12.1 |
1344.4% |
200.0% |
| Fees |
9.3 |
8.0 |
(1.3) |
-14.0% |
-8.1% |
| Judicial Revenue |
24.7 |
24.9 |
0.2 |
0.8% |
-33.6% |
| Miscellaneous Receipts |
29.2 |
28.1 |
(1.1) |
-3.8% |
-11.4% |
| Gaming Revenues |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$4,138.6 |
$4,342.7 |
$204.1 |
4.9% |
-1.3% |
| |
|
|
|
|
|
| Transfers |
$64.2 |
$67.3 |
$3.1 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$4,202.8 |
$4,410.0 |
$207.2 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($288.5) |
($326.5) |
($38.0) |
|
|
| Refunds |
(255.5) |
(278.7) |
(23.2) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($544.0) |
($605.2) |
($61.2) |
|
|
