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) |
|
|