FOR IMMEDIATE RELEASE:
February 10, 2009

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700

GENERAL FUND RECEIPTS — JANUARY, 2009

LINCOLN — January Gross Receipts: Tax Commissioner Douglas Ewald reported Tuesday that gross General Fund receipts for January were $334 million, which is below the forecast for the month by $29 million (7.9% below the forecasted amount of $363 million).

• Gross Sales and Use:
  4.0% below forecast
• Gross Individual Income:
15.4% below forecast
• Gross Corporate Income:
15.1% above forecast
• Gross Miscellaneous:
14.1% above forecast

January Tax Refunds: Refunds for the month of January were $46 million, which is 11.8% below the forecasted amount of $52 million.

January Net Receipts: Net receipts for January were $288 million, which is below the forecast for the month by $23 million (7.3% below the forecasted amount of $311 million).

• Net Sales and Use:
 3.1% below forecast
• Net Individual Income:
13.4% below forecast
• Net Corporate Income:
21.4% below forecast
• Net Miscellaneous:
14.5% above forecast

Fiscal Year Net Receipts: Fiscal year receipts were $1,966 million, which is below the forecast for the first seven months of fiscal year 2008-2009 by $11 million (0.5% below the forecasted amount of $1,977 million).

• Net Sales and Use:
 0.1% below forecast
• Net Individual Income:
 2.5% below forecast
• Net Corporate Income:
 0.6% above forecast
• Net Miscellaneous:
13.7% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 22, 2008. This forecast was adjusted for legislation passed by the 2008 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2008. On October 31, 2008, the forecasting board met and revised the fiscal year 2008-2009 forecast upward by $14.3 million (which is not reflected in the accompanying tables). By law, only downward revisions to the forecast are certified, so comparisons made in this release are made on the basis of the July 15, 2008 certified forecast.

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2008-2009

  

TOTAL
ACTUAL NET
RECEIPTS

TOTAL
PROJECTED
NET RECEIPTS

DIFFERENCE

PERCENT
DIFFERENCE

CUMULATIVE
ACTUAL NET
RECEIPTS

CUMULATIVE
PROJECTED
NET RECEIPTS

CUMULATIVE
DIFFERENCE

CUMULATIVE
PERCENT
DIFFERENCE

July
$191,496,1526
$203,026,000
($11,529,848)
(5.7%)
$191,496,152
$203,026,000
(11,529,848)
(5.7)
August
319,749,742
295,381,000
24,368,742
8.2
511,245,894
498,407,000
12,838,894
2.6
September
375,452,525
363,757,000
11,695,525
3.2
886,698,420
862,164,000
24,534,420
2.8
October
200,955,909
203,302,000
(2,346,091)
(1.2)
1,087,654,328
1,065,466,000
22,188,328
2.1
November
281,465,428
276,511,000
4,954,428
1.8
1,369,119,756
1,341,977,000
27,142,756
2.0
December
308,512,538
323,743,000
(15,230,462)
(4.7)
1,677,632,295
1,677,632,295
1,677,632,295
0.7
January
288,413,220
311,143,000
(22,729,780)
(7.3)
1,966,045,515
1,976,863,000
(10,817,485)
(0.5)

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2009 and Cumulative Fiscal Year 2008-2009

   JANUARY
ACTUAL
JANUARY
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$177,120,507
$184,585,000
($7,464,493)
(4.0%)
$1,040,013,201
$1,049,400,000
($9,386,799)
(0.9%)
Ind Income Tax
133,744,047
158,103,000
(24,358,953)
(15.4)
982,000,502
999,419,000
(17,418,498)
(1.7)
Corp Income Tax
9,155,135
7,953,000
1,202,135
15.1
139,738,687
129,221,000
10,517,687
8.1
Misc Taxes
14,282,546
12,523,000
1,759,546
14.1
113,378,474
100,098,000
13,280,474
13.3
Total Gross
$334,302,235
$363,164,000
($28,861,765)
(7.9%)
$2,275,130,864
$2,278,137,000
($3,006,136)
(0.1%)
REFUNDS
Total Refunds
$45,889,015
$52,021,000
($6,131,985)
(11.8%)
$309,085,349
$301,275,000
$7,810,349
2.6%
NET RECEIPTS
Sales & Use Tax
$148,184,255
$152,847,000
($4,662,745)
(3.1%)
$815,197,027
$815,887,000
($689,973)
(0.1%)
Ind Income Tax
122,207,161
141,060,000
(18,852,839)
(13.4)
932,926,725
957,295,000
(24,368,275)
(2.5)
Corp Income Tax
3,750,799
4,769,000
(1,018,201)
(21.4)
104,663,949
104,028,000
635,949
0.6
Misc Taxes
14,271,005
12,467,000
1,804,005
14.5
113,257,814
99,653,000
13,604,814
13.7
Total Net
$288,413,220
$311,143,000
($22,729,780)
(7.3%)
$1,966,045,515
$1,976,863,000
($10,817,485)

(0.5%)

*The projected amounts used in this comparison were set at the February 22, 2008 meeting of the Nebraska Economic Forecasting Advisory Board.

January, 2009 Comparison


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