September 2021 General Fund Receipts memo

Document highlights general fund receipts for Fiscal Year 2022 through September 30, 2021.

Date Published	10/01/2021
File(s)	september_2021_general_fund_receipts_memo.pdf
Fiscal Year	2022
Topic(s)	General Fund Receipts

Document Text Version

Summary

Fiscal year-to-date gross receipts on a cash basis are 5.6 percent less compared to September 2020. July-September receipts are heavily impacted by the filing date changes for individual and corporate income tax returns in calendar year 2020 from April 30 to July 30. The current estimate for Fiscal Year 2022 is a growth rate of -6.7 percent for gross receipts on a cash basis and will be reviewed when the Revenue Estimating Conference meets in October.

Personal Income Tax

Personal income tax receipts totaled $384.1 million during September 2021. This is $3.1 million or 0.8 percent more than the receipts of September 2020. Withholding tax receipts increased $3.1 million or 1.1 percent compared to last year. Estimated payments increased $8.5 million compared to last year. Final return payments decreased $8.5 million. Fiscal year-to-date, personal income tax receipts totaled $1,119.2 million, a decrease of 18.2 percent. Fiscal year-to-date numbers are heavily impacted by the filing date changes for individual income tax returns in calendar year 2020 from April 30 to July 30. The estimate for personal income tax for Fiscal Year 2022 is for a decrease of 5.6 percent.

Sales/Use Tax

September sales/use tax receipts totaled $270.7 million, which represents an increase of $35.4 million or 15.0 percent over September 2020. Fiscal year-to-date, sales/use tax receipts totaled $1,044.5 million, an increase of $161.0 million or 18.2 percent compared to the same period last year. The estimate for sales/use tax for Fiscal Year 2022 is for a decrease of 3.2 percent over Fiscal Year 2021.

Corporate Income Tax

Corporate income tax receipts during September totaled $168.7 million, which is $31.0 million or 22.5 percent more than in September 2020. Fiscal year-to-date corporate income tax receipts totaled $188.9 million, a decrease of $79.9 million or 29.7 percent. Fiscal year-to-date numbers are heavily impacted by the filing date changes for individual income tax returns in calendar year 2020 from April 30 to July 30. The estimate for corporate income tax for Fiscal Year 2022 is for a decrease of 24.5 percent over Fiscal Year 2021.

Refunds

For the month of September, the Department of Revenue issued $50.2 million in refunds on a cash basis. This compares to $24.6 million issued September 2020. For the fiscal year-to-date, total refunds issued on a cash basis were $133.6 million. This compares to $148.8 million issued at this time last year.

Fiscal Year 2021 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 have increased 11.0 percent which is 9.1 percent more than the REC’s estimate of 1.9 percent.

Net General Fund Receipts
Accrual Basis
Through September 31, 2021
					Adjusted
	FY20	FY21	Variance	Percent	Estimate

Total Gross Receipts	9,443.8	10,350.1	906.3	9.6%	2.9%
Transfers	114.7	125.4	10.7	9.3%	5.5%
Refunds	(1,120.3)	(1,114.5)	5.8	-0.5%	10.0%
School Infrastructure Transfer	(507.6)	(560.4)	(52.8)	10.4%	4.7%

Net General Fund Revenues compared to REC	7,930.6	8,800.6	870.0	11.0%	1.9%

STATE OF IOWA
GENERAL FUND RECEIPTS STATEMENT
FOR THE MONTH ENDING SEPTEMBER 30, 2021
($ MILLIONS)
CASH BASIS
	MONTH		FY22 Over (Under)		FY22 Annual
	OF SEPTEMBER		FY21		Est Percent
	FY21	FY22	Dollars	Percent	Of Growth

Personal Income Tax	$381.0	$384.1	$3.1	0.8%	-5.6%
Sales/Use Tax	235.3	270.7	35.4	15.0%	-3.2%
Corporate Income Tax	137.7	168.7	31.0	22.5%	-24.5%
Inheritance Tax	6.7	6.1	(0.6)	-9.0%	-3.4%
Insurance Premium Tax	(0.1)	0.3	0.4	-400.0%	1.3%
Beer Tax	0.2	1.3	1.1	550.0%	-38.4%
Franchise Tax	10.1	10.2	0.1	1.0%	-3.3%
Miscellaneous Tax	0.2	0.0	(0.2)	-100.0%	-0.4%

Total Special Taxes	$771.1	$841.4	$70.3	9.1%	-6.5%

Institutional Payments	0.5	1.0	0.5	100.0%	57.7%
Liquor Transfers:	13.7	11.6	(2.1)	-15.3%	-3.6%
Interest	0.3	0.1	(0.2)	-66.7%	0.0%
Fees	2.3	2.1	(0.2)	-8.7%	-13.7%
Judicial Revenue	0.7	3.8	3.1	442.9%	-23.0%
Miscellaneous Receipts	3.2	4.7	1.5	46.9%	-25.3%
Gaming Revenues	0.0	0.0	0.0	0.0%	0.0%

Total Receipts	$791.8	$864.7	$72.9	9.2%	-6.7%

Transfers	$0.2	$14.2	$14.0

Total Rcpts & Transfers	$792.0	$878.9	$86.9


Reductions in General Fund Receipts

School Infrastructure Transfer	($36.6)	($83.2)	($46.6)
Refunds	($24.6)	($50.2)	($25.6)

Total Reductions in GF Receipts	($61.2)	($133.4)	($72.2)

STATE OF IOWA
GENERAL FUND RECEIPTS STATEMENT
FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2021
($ MILLIONS)
CASH BASIS
	THREE MONTHS		FY22 Over (Under)		FY22 Annual
	THROUGH SEPTEMBER		FY21		Est Percent
	FY21	FY22	Dollars	Percent	Of Growth

Personal Income Tax	$1,367.4	$1,119.2	($248.2)	-18.2%	-5.6%
Sales/Use Tax	883.5	1,044.5	161.0	18.2%	-3.2%
Corporate Income Tax	268.8	188.9	(79.9)	-29.7%	-24.5%
Inheritance Tax	19.6	26.5	6.9	35.2%	-3.4%
Insurance Premium Tax	66.8	64.7	(2.1)	-3.1%	1.3%
Beer Tax	1.0	4.0	3.0	300.0%	-38.4%
Franchise Tax	18.1	15.1	(3.0)	-16.6%	-3.3%
Miscellaneous Tax	7.8	3.5	(4.3)	-55.1%	-0.4%

Total Special Taxes	$2,633.0	$2,466.4	($166.6)	-6.3%	-6.5%

Institutional Payments	1.4	2.6	1.2	85.7%	57.7%
Liquor Transfers:	38.3	42.0	3.7	9.7%	-3.6%
Interest	0.8	0.3	(0.5)	-62.5%	0.0%
Fees	6.7	6.7	0.0	0.0%	-13.7%
Judicial Revenue	4.3	7.7	3.4	79.1%	-23.0%
Miscellaneous Receipts	11.4	18.9	7.5	65.8%	-25.3%
Gaming Revenues	0.0	0.0	0.0	0.0%	0.0%

Total Receipts	$2,695.9	$2,544.6	($151.3)	-5.6%	-6.7%

Transfers	$36.2	$41.8	$5.6

Total Rcpts & Transfers	$2,732.1	$2,586.4	($145.7)


Reductions in General Fund Receipts

School Infrastructure Transfer	($130.5)	($183.3)	($52.8)
Refunds	(148.8)	(133.6)	15.2

Total Reductions in GF Receipts	($279.3)	($316.9)	($37.6)

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September 2021 General Fund Receipts memo

Summary