FOR IMMEDIATE RELEASE:
January 10, 2012

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

GENERAL FUND RECEIPTS — DECEMBER 2011

LINCOLN — December Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for December were $352 million, which is 2.0% below the certified forecast of $359 million.

• Gross Sales and Use:    0.5% above forecast
• Gross Individual Income:    0.1% above forecast
• Gross Corporate Income:    3.7% below forecast
• Gross Miscellaneous:  36.4% below forecast

December Tax Refunds: Tax refunds for December were $36 million, which is 29.6% below the certified forecast of $52 million.

December Net Receipts: Net receipts for December were $316 million, which is 2.6% above the certified forecast of $308 million.

• Net Sales and Use:     6.4% above forecast
• Net Individual Income:     3.6% above forecast
• Net Corporate Income:     7.2% above forecast
• Net Miscellaneous:   36.4% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $1,724 million, which is 0.7% above the certified forecast of $1,712 million.

• Net Sales and Use:     0.0% above forecast
• Net Individual Income:     0.3% above forecast
• Net Corporate Income:

  23.2% above forecast

• Net Miscellaneous:     8.7% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July 12.

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 2011-2012*

 

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
$200,410,336
$211,449,000
-$11,038,665
-5.2
$200,410,336
$211,449,000
-$11,038,665
-5.2
August
328,095,462
328,955,000
-859,538
-0.3
528,505,797
540,404,000
-11,898,203
-2.2
September 352,198,248 348,138,000 4,060,248 1.2 880,704,046 888,542,000 -7,837,954 -0.9
October 222,675,821 205,211,000 17,464,821 8.5 1,103,379,866 1,093,753,000 9,626,866 0.9
November 304,541,302 310,425,000 -5,883,698 -1.9 1,407,921,169 1,404,178,000 3,743,169 0.3
December 315,752,839 307,691,000 8,061,839 2.6 1,723,674,008 1,711,869,000 11,805,008 0.7

Comparison of Actual and Projected General Fund Receipts by Tax Type
for December 2011 and Cumulative Fiscal Year 2011-2012*

  DECEMBER
ACTUAL
DECEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$151,296,903
$150,516,000
$ 780,903
0.5
$914,997,559
$914,780,000
$217,559
0.0
Ind. Income Tax
151,961,135
151,779,000
182,135
0.1
882,172,602
880,333,000
1,839,602
0.2
Corp. Income Tax
36,990,072
38,403,000
-1,412,928
-3.7
111,176,811
110,734,000
442,811
0.4
Misc. Taxes
11,773,112
18,520,000
-6,746,888
-36.4
84,692,283
92,847,000
-8,154,717
-8.8
Total Gross
$352,021,223 $359,218,000 -$7,196,777 -2.0 $1,993,039,256 $1,998,696,000 -$5,656,744 -0.3
REFUNDS
Total Refunds
$36,268,384 $51,528,000 -$15,259,616 -29.6 $269,365,248 $286,826,000 -$17,460,752 -6.1
NET RECEIPTS
Sales & Use Tax
$121,945,518
$114,573,000
$7,372,518
6.4
$706,284,724
$706,231,000
$53,724
0.0
Ind. Income Tax
148,482,885
143,314,000
5,168,885
3.6
841,401,315
838,720,000
2,681,315
0.3
Corp. Income Tax
33,553,005
31,287,000
2,266,005
7.2
91,301,245
74,117,000
17,184,245
23.2
Misc. Taxes
11,771,431
18,516,000
-6,744,569
-36.4
84,686,723
92,799,000
-8,112,277
-8.7
Total Net
$315,752,839
$307,691,000
$8,061,839
2.6

$1,723,674,008

$1,711,869,000
$11,805,008
0.7

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.