FOR IMMEDIATE RELEASE:
January 10, 2011

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

GENERAL FUND RECEIPTS — December 2010

LINCOLN — December Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for December were $329 million, which is 3.1% below the certified forecast of $340 million.

• Gross Sales and Use:     2.2% below forecast
• Gross Individual Income:     0.3% above forecast
• Gross Corporate Income:   20.2% below forecast
• Gross Miscellaneous:     2.2% below forecast

December Tax Refunds: Tax refunds for December were $32 million, which is 35.0% below the certified forecast of $49 million.

December Net Receipts: Net receipts for December were $297 million, which is 2.3% above the certified forecast of $291 million.

• Net Sales and Use:     2.6% above forecast
• Net Individual Income:     5.4% above forecast
• Net Corporate Income:     8.7% below forecast
• Net Miscellaneous:     2.4% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $1,625 million, which is 0.9% above the certified forecast of $1,610 million.

• Net Sales and Use:     0.5% above forecast
• Net Individual Income:     2.5% above forecast
• Net Corporate Income:

  14.4% below forecast

• Net Miscellaneous:      0.5% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. This forecast was adjusted for legislation passed in 2010, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2010. The Board met on October 29, 2010 and revised the forecast for the current fiscal year downward by $58.2 million. Receipts in this forecast are compared to the forecast certified on November 10, 2010.

Previous monthly press releases are at 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 2010-2011*

 

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
$179,591,989
$179,591,989
0
0.0
$179,591,989
$ 179,591,989
0
0.0
August
321,595,200
321,595,200
0
0.0
501,187,189
501,187,189
0
0.0
September 340,792,100 340,792,100 0 0.0 841,979,289 841,979,289 0 0.0
October 191,162,664 191,162,664 0 0.0 1,033,141,952 1,033,141,952 0 0.0
November 294,317,381 285,861,000 8,456,381 3.0 1,327,459,333 1,319,003,000 8,456,333 0.6
December 297,308,646 290,516,000 6,792,646 2.3 1,624,767,980 1,609,519,000 15,248,980 0.9

Comparison of Actual and Projected General Fund Receipts by Tax Type
for November 2010 and Cumulative Fiscal Year 2010-2011*

  DECEMBER
ACTUAL
DECEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$140,868,735
$144,060,000
-$ 3,191,265
-2.2
$ 869,407,703
$ 871,929,000
-$ 2,521,297
-0.3
Ind. Income Tax
140,362,010
139,985,000
377,010
0.3
837,795,078
823,356,000
14,439,078
1.8
Corp. Income Tax
28,395,666
35,578,000
-7,182,334
-20.2
95,637,893
102,223,000
-6,585,107
-6.4
Misc. Taxes
19,687,177
20,139,000
-451,823
-2.2
103,306,791
103,823,000
-516,209
-0.5
Total Gross
$329,313,588 $339,761,000 -$10,447,412 -3.1 $1,906,147,465 $1,901,329,000 $4,818,465 0.3
REFUNDS
Total Refunds
$32,004,942 $49,246,000 -$17,241,058 -35.0 $281,379,485 $291,810,000 -$10,430,515 -3.6
NET RECEIPTS
Sales & Use Tax
$112,556,493
$109,701,000
$2,855,493
2.6
$ 674,538,827
$ 671,184,000
$ 3,354,827
0.5
Ind. Income Tax
137,887,051
130,881,000
7,006,051
5.4
802,841,620
782,973,000
19,868,620
2.5
Corp. Income Tax
27,219,019
29,799,000
-2,579,981
-8.7
44,126,172
51,552,000
-7,425,828
-14.4
Misc. Taxes
19,646,084
20,135,000
-488,916
-2.4
103,261,360
103,812,000
-550,640
-0.5
Total Net
$297,308,646
$290,516,000
$6,792,646
2.3

$1,624,767,980

$1,609,519,000
$15,248,980
0.9

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October 29, 2010 meeting of the Nebraska Economic Forecasting Advisory Board and recertified on November 10, 2010.