Iowa’s gross general fund revenues during the fiscal year that ended on June 30 were up nearly 6 percent over the previous fiscal year – an increase in almost $521 million, according to newly released figures.
Tax revenues collected during the 2019 fiscal year were up 5.8 percent overall, according to a report from Iowa’s Legislative Services Agency. Gross receipts to the state’s general fund outpaced estimated growth projections made earlier this year by nearly $100 million.
For fiscal year 2019, personal income tax revenues were up 4.2 percent, and the sales/use tax collections increased 3.5 percent over the previous fiscal year, the agency said in a monthly fiscal report.
Over the same period, the corporate income tax revenues jumped 25 percent; franchise tax on businesses, up 27.6 percent; and insurance premium taxes, up 25.8 percent.
Revenues from the beer/liquor tax dropped 1.5 percent for the 2019 fiscal year, the numbers show.
Iowa’s Revenue Estimating Conference had projected a 4.8 percent rise in general fund receipts for FY 2019.
The data from the Legislative Services Agency, however, was not all rosy. In comparing June of this year to June 2018, the general fund revenues actually decreased by 5.1 percent, or $35.3 million below the revenue level in June 2018.
The June personal income tax receipts were up 1.6 percent over the same period a year ago, while sales/use tax revenues were up 0.5 percent for the same period. Corporate income tax receipts for June, however, were down 9.6 percent when compared to June 2018.
And tax refunds in June amounted to $52.7 million, a hike of $6.8 million over the same period last year.
The Iowa Department of Revenue last week released its Iowa Leading Indicators Index (ILII), which showed a 0.2 percent drop in May. That was the second month in a row that the ILII showed a negative result.
“Seven of the eight components were negative contributors to the ILII in May,” the report said. “These include, in order of largest negative contributor to smallest, the agricultural futures profits index, the new orders index, residential building permits, the national yield spread, average manufacturing hours, the Iowa stock market index and the average weekly unemployment claims (inverted).”
Diesel fuel use was the only measure in positive territory, the report said.