FOR IMMEDIATE RELEASE:
September 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 — AUGUST, 2009

LINCOLN — August Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for August were $342 million, which is 4.6% below the certified forecast of $359 million.

• Gross Sales and Use:  1.2% below forecast
• Gross Individual Income:  7.0% below forecast
• Gross Corporate Income:  9.1% above forecast
• Gross Miscellaneous: 12.9% below forecast

August Tax Refunds: Tax refunds for August were $38 million, which is 4.5% below the certified forecast of $40 million.

August Net Receipts: Net receipts for August were $304 million, which is 4.7% below the certified forecast of $319 million.

• Net Sales and Use:   1.3% above forecast
• Net Individual Income:   7.8% below forecast
• Net Corporate Income: 16.1% above forecast
• Net Miscellaneous: 12.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $502 million, which is 3.2% below the certified forecast of $519 million.

• Net Sales and Use:  0.5% below forecast
• Net Individual Income:  5.4% below forecast
• Net Corporate Income: 13.3% above forecast
• Net Miscellaneous: 10.0% below forecast

The comparisons in this report are based on forecast made by the Nebraska Economic Forecasting Advisory Board on April 23, 2009. This forecast was adjusted for legislation passed in the 2009 session, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2009.

Previous monthly press releases are found at http://www.revenue.nebraska.gov/research/gen_fund.html.

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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 2009-2010

 

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 $197,807,239 $199,740,000 (1,932,761) (1.0%) $197,807,239 $199,740,000 (1,932,761) (1.0%)
August 304,050,368 318,914,000 (14,863,632) (4.7) 501,857,607 518,654,000 (16,796,393) (3.2)

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2009 and Cumulative Fiscal Year 2009-2010

JUNE
ACTUAL
JUNE
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$140,020,993
$141,679,000
($1,658,007)
(1.2%)
$284,637,159
$291,380,000
($6,742,841)
(2.3%)
Ind. Income Tax
181,780,369
195,372,000
(13,591,631)
(7.0)
251,741,054
265,664,000
(13,922,946)
(5.2)
Corp. Income Tax
6,797,974
6,231,000
566,974
9.1
15,586,968
12,882,000
2,704,968
21.0
Misc. Taxes
13,379,983
15,357,000
(1,977,017)
(12.9)
28,558,758
31,774,000
(3,215,242)
(10.1)
Total Gross
$341,979,319
$358,639,000
($16,659,681)
(4.6%)
$580,523,939
$601,700,00
($21,176,061)
(3.5%)
REFUNDS
Total Refunds
$37,928,951
$39,725,000
($1,796,049)
(4.5%)
$78,666,331
$83,046,000
($4,379,669)
(5.3%)
NET RECEIPTS
Sales & Use Tax
$108,394,747
$106,964,000
1,430,747
1.3%
$222,370,296
$223,461,000
($1,090,704)
(0.5%)
Ind. Income Tax
177,298,488
192,320,000
(15,021,512)
(7.8)
240,457,632
254,207,000
(13,749,368)
(5.4)
Corp. Income Tax
4,978,563
4,289,000
689,563
16.1
10,475,467
9,247,000
1,228,467
13.3
Misc. Taxes
13,378,570
15,342,000
(1,963,430)
(12.8)
28,554,213
31,740,000
(13,185,787)
(10.0)
Total Net
$304,050,368
$318,914,000
($14,863,632)
(4.7%)
$501,857,607
$518,654,000
($16,796,393)

(3.2%)

*The projected amounts used in this comparison were set at the April 23, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 15, 2009.

Monthly General Fund Receipts Graph