FOR IMMEDIATE RELEASE:
January 12, 2009

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

GENERAL FUND RECEIPTS — DECEMBER, 2008

LINCOLN — December Gross Receipts: Tax Commissioner Douglas Ewald reported Monday that gross General Fund receipts for December were $351.3 million, which is below the forecast for the month by $20.3 million (5.5% below the forecasted amount of $371.6 million).

• Gross Sales and Use:
 8.9% below forecast
• Gross Individual Income:
 9.4% below forecast
• Gross Corporate Income:
15.8% above forecast
• Gross Miscellaneous:
15.7% above forecast

December Tax Refunds: Refunds for the month of December were $42.8 million, which is 10.6% below the forecasted amount of $47.9 million.

December Net Receipts: Net receipts for December were $308.5 million, which is below the forecast for the month by $15.2 million (4.7% below the forecasted amount of $323.7 million).

• Net Sales and Use:
 5.8% below forecast
• Net Individual Income:
 8.3% below forecast
• Net Corporate Income:
 6.3% above forecast
• Net Miscellaneous:
16.1% above forecast

Fiscal Year Net Receipts: Fiscal year receipts were $1,677.6 million, which is above the forecast for the first half of the fiscal year 2008-2009 by $12 million (0.7% above the forecasted amount of $1,665.7 million).

• Net Sales and Use:
 0.6% below forecast
• Net Individual Income:
 0.7% below forecast
• Net Corporate Income:
 1.7% above forecast
• Net Miscellaneous:
13.5% 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 dollars (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

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

  DECEMBER
ACTUAL
DECEMBER
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$144,112,441
$158,150,000
($14,037,559)
(8.9%)
$862,892,694
$864,815,000
($1,922,306)
(0.2%)
Ind Income Tax
144,016,367
158,877,000
(14,860,633)
(9.4)
848,256,455
841,316,000
6,940,455
0.8
Corp Income Tax
49,039,691
42,346,000
6,693,691
15.8
130,583,553
121,268,000
9,315,553
7.7
Misc Taxes
14,169,567
12,247,000
1,922,567
15.7
99,095,928
87,575,000
11,520,928
13.2
Total Gross
$351,338,066
$371,621,000
($20,282,934)
(5.5%)
$1,940,828,629
$1,914,973,000
$25,855,629
1.4%
REFUNDS
Total Refunds
$42,825,527
$47,878,000
($5,052,473)
(10.6%)
$263,196,334
$249,254,000
$13,942,334
5.6%
NET RECEIPTS
Sales & Use Tax
$114,133,434
$121,138,000
($7,004,566)
(5.8%)
$667,012,772
$663,040,000
$3,972,772
0.6%
Ind Income Tax
139,682,677
152,279,000
(12,596,323)
(8.3)
810,719,564
816,235,000
(5,515,436)
(0.7)
Corp Income Tax
40,528,318
38,123,000
2,405,318
6.3
100,913,149
99,259,000
1,654,149
1.7
Misc Taxes
14,168,109
12,203,000
1,965,109
16.1
98,986,810
87,186,000
11,800,810
13.5
Total Net
$308,512,538
$323,743,000
($15,230,462)
(4.7%)
$1,677,632,295
$1,665,720,000
$11,912,295
0.7%

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

General Fund Receipts - Graph


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