September 2020 General Fund Receipts

Document highlights general fund receipts for Fiscal Year 2021 through September 30, 2020.

Date Published	10/02/2020
File(s)	september_2020_memo.pdf
Fiscal Year	2019, 2020, 2021
Topic(s)	General Fund Receipts

Document Text Version

Summary

Fiscal year-to-date gross receipts on a cash basis are 16.7 percent more compared to September 2019. July-September receipts are heavily impacted by the filing date changes for individual and corporate income tax returns from April 30 to July 30, 2020. The current estimate for Fiscal Year 2021 is a growth rate of 6.7 percent for gross receipts on a cash basis.

Personal Income Tax

Personal income tax receipts totaled $381.0 million during September 2020. This is $6.0 million or 1.6 percent less than the receipts of September 2019. Withholding tax receipts decreased $15.4 million or 5.3 percent compared to last year. Estimated payments increased $3.7 million compared to last year. Final return payments increased $5.7 million. Fiscal year-to-date, personal income tax receipts totaled $1,367.4 million, an increase of 26.8 percent. The estimate for personal income tax for Fiscal Year 2021 is for an increase of 6.7 percent.

Sales/Use Tax

September sales/use tax receipts totaled $235.3 million, which represents an increase of $4.1 million or 1.8 percent over September 2019. Fiscal year-to-date, sales/use tax receipts totaled $883.5 million, an increase of $32.3 million or 3.8 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2021 is for no increase over Fiscal Year 2020.

Corporate Income Tax

Corporate income tax receipts during September totaled $137.7 million, which is $12.1 million or 9.6 percent more than in September 2019. Fiscal year-to-date corporate income tax receipts totaled $268.8 million, an increase of $80.8 million or 43.0 percent. The estimate for corporate income tax for Fiscal Year 2021 is for an increase of 15.4 percent for Fiscal Year 2020.

Refunds

For the month of September, the Department of Revenue issued $24.6 million in refunds on a cash basis. This compares to $51.7 million issued September 2019. For the fiscal year-to-date, total refunds issued on a cash basis were $148.8 million. This compares to $135.0 million issued at this time last year.

Fiscal Year 2020 Year-to-Date Net General Fund Receipts on an Accrual Basis

As can be seen from the chart below, year-to-date net General Fund receipts on an accrual basis increased 0.9 percent which is 0.1 percent less than the REC’s estimate of 1.0 percent.

Net General Fund Receipts
Accrual Basis
Through September 30, 2020
					Adjusted
	FY19	FY20	Variance	Percent	Estimate

Total Gross Receipts	9,370.8	9,443.8	73.0	0.8%	0.7%
Transfers	123.0	114.7	(8.3)	-6.7%	-16.3%
Refunds	(1,131.9)	(1,120.3)	11.6	-1.0%	-4.1%
School Infrastructure Transfer	(503.1)	(507.6)	(4.5)	0.9%	1.6%

Net General Fund Revenues compared to REC	7,858.8	7,930.6	71.8	0.9%	1.0%

STATE OF IOWA
GENERAL FUND RECEIPTS STATEMENT
FOR THE MONTH ENDING SEPTEMBER 30, 2020
($ MILLIONS)
CASH BASIS
	MONTH		FY21 Over (Under)		FY21 Annual
	OF SEPTEMBER		FY20		Est Percent
	FY20	FY21	Dollars	Percent	Of Growth

Personal Income Tax	$387.0	$381.0	($6.0)	-1.6%	10.5%
Sales/Use Tax	231.2	235.3	4.1	1.8%	0.0%
Corporate Income Tax	125.6	137.7	12.1	9.6%	15.4%
Inheritance Tax	1.4	6.7	5.3	378.6%	6.7%
Insurance Premium Tax	0.5	(0.1)	(0.6)	-120.0%	6.1%
Beer Tax	1.4	0.2	(1.2)	-85.7%	31.6%
Franchise Tax	10.8	10.1	(0.7)	-6.5%	8.0%
Miscellaneous Tax	0.2	0.2	0.0	100.0%	-18.1%

Total Special Taxes	$758.1	$771.1	$13.0	1.7%	6.9%

Institutional Payments	0.8	0.5	(0.3)	-37.5%	-11.1%
Liquor Transfers:	11.6	13.7	2.1	18.1%	-2.1%
Interest	1.3	0.3	(1.0)	-76.9%	1.3%
Fees	1.8	2.3	0.5	-100.0%	8.5%
Judicial Revenue	8.3	0.7	(7.6)	-91.6%	5.5%
Miscellaneous Receipts	3.4	3.2	(0.2)	-5.9%	2.0%
Gaming Revenues	0.0	0.0	0.0	0.0%	0.0%

Total Receipts	$785.3	$791.8	$6.5	0.8%	6.7%

Transfers	$0.2	$0.2	$0.0

Total Rcpts & Transfers	$785.5	$792.0	$6.5


Reductions in General Fund Receipts

School Infrastructure Transfer	($43.7)	($36.6)	$7.1
Refunds	($51.7)	($24.6)	$27.1

Total Reductions in GF Receipts	($95.4)	($61.2)	$34.2

STATE OF IOWA
GENERAL FUND RECEIPTS STATEMENT
FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2020
($ MILLIONS)
CASH BASIS
	THREE MONTHS		FY21 Over (Under)		FY21 Annual
	THROUGH SEPTEMBER		FY20		Est Percent
	FY20	FY21	Dollars	Percent	Of Growth

Personal Income Tax	$1,078.7	$1,367.4	$288.7	26.8%	10.5%
Sales/Use Tax	851.2	883.5	32.3	3.8%	0.0%
Corporate Income Tax	188.0	268.8	80.8	43.0%	15.4%
Inheritance Tax	17.6	19.6	2.0	11.4%	6.7%
Insurance Premium Tax	67.6	66.8	(0.8)	-1.2%	6.1%
Beer Tax	4.0	1.0	(3.0)	-75.0%	34.6%
Franchise Tax	19.0	18.1	(0.9)	-4.7%	8.0%
Miscellaneous Tax	9.0	7.8	(1.2)	0.0%	-18.1%

Total Special Taxes	$2,235.1	$2,633.0	$397.9	17.8%	6.9%

Institutional Payments	3.5	1.4	(2.1)	-60.0%	-11.1%
Liquor Transfers:	32.9	38.3	5.4	16.4%	-2.1%
Interest	3.2	0.8	(2.4)	-75.0%	1.3%
Fees	7.5	6.7	(0.8)	-10.7%	8.5%
Judicial Revenue	13.6	4.3	(9.3)	-68.4%	5.5%
Miscellaneous Receipts	15.2	11.4	(3.8)	-25.0%	2.0%
Gaming Revenues	0.0	0.0	0.0	0.0%	0.0%

Total Receipts	$2,311.0	$2,695.9	$384.9	16.7%	6.7%

Transfers	$40.8	$36.2	($4.6)

Total Rcpts & Transfers	$2,351.8	$2,732.1	$380.3


Reductions in General Fund Receipts

School Infrastructure Transfer	($133.0)	($130.5)	$2.5
Refunds	(135.0)	(148.8)	(13.8)

Total Reductions in GF Receipts	($268.0)	($279.3)	($11.3)

You are here

September 2020 General Fund Receipts

Summary