FOR IMMEDIATE RELEASE:
January 10, 2013

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604

GENERAL FUND RECEIPTS — DECEMBER 2012

LINCOLN — December Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for December were $423 million, which is 17.1% above the certified forecast of $362 million..

• Gross Sales and Use:
    5.2% above forecast
• Gross Individual Income:
  24.5% above forecast
• Gross Corporate Income:
  43.1% above forecast
• Gross Miscellaneous:
    9.9% below forecast

December Tax Refunds: Tax refunds for December were $60 million, which is 50.6% above the certified forecast of $40 million.

December Net Receipts: Net receipts for December were $363 million, which is 12.9% above the certified forecast of $322 million.

• Net Sales and Use:
    0.5% below forecast
• Net Individual Income:
  17.3% above forecast
• Net Corporate Income:
  51.0% above forecast
• Net Miscellaneous:
    9.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $1.86 billion, which is 4.5% above the certified forecast of $1.78 billion.

• Net Sales and Use:
    0.1% above forecast
• Net Individual Income:
    6.3% above forecast
• Net Corporate Income:
  28.8% above forecast
• Net Miscellaneous:
    2.1% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012. On October 26, 2012, the forecasting board met and revised the forecast for the current year upward by $57.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made in the basis if the forecast certified on July 16, 2012.

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

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2012-2013*

 

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
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
-1.2
556,490,810
548,893,000
7,597,810
1.4
September 393,941,658 365,444,000 28,517,658 7.8 950,432,468 914,337,000 36,115,468 3.9
October 228,084,028 228,569,000 -484,972 -0.2 1,178,516,496 1,142,906,000 35,610,496 3.1
November 315,022,112 312,379,000 2,643,112 0.8 1,493,538,608 1,455,285,000 38,253,608 2.6
December 363,239,068 321,723,000 41,516,068 12.9 1,856,777,676 1,777,008,000 79,769,676 4.5

Comparison of Actual and Projected General Fund Receipts by Tax Type
for December 2012 and Cumulative Fiscal Year 2012-2013*

  DECEMBER
ACTUAL
DECEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$164,212,855
$156,050,000
$ 8,162,855
5.2
$  971,035,901
$  945,405,000
$ 25,630,901
2.7
Ind. Income Tax
194,013,148
155,799,000
38,214,148
24.5
978,855,983
914,247,000
64,608,983
7.1
Corp. Income Tax
54,554,906
38,123,000
16,431,906
43.1
140,495,441
122,927,000
17,568,441
14.3
Misc. Taxes
10,444,953
11,589,000
-1,144,047
-9.9
79,206,753
80,982,000
-1,775,247
-2.2
Total Gross
$423,225,862 $361,561,000 $61,664,862 17.1 $2,169,594,078 $2,063,559,000 $106,035,078 5.1
REFUNDS
Total Refunds
$59,986,793 $39,838,000 $20,148,793 50.6 $312,816,402 $286,552,000 $26,264,402 9.2
NET RECEIPTS
Sales & Use Tax
$123,871,166
$124,506,000
-$   634,834
-0.5
$  731,374,875
$  730,709,000
$   665,875
0.1
Ind. Income Tax
178,784,629
152,423,000
26,361,629
17.3
929,349,923
874,633,000
54,716,923
6.3
Corp. Income Tax
50,138,371
33,212,000
16,926,371
51.0
116,874,983
90,768,000
26,106,983
28.8
Misc. Taxes
10,444,902
11,581,000
-1,136,098
-9.8
79,177,896
80,895,000
-1,717,104
-2.1
Total Net
$363,239,068
$321,723,000
$41,516,068
12.9

$1,856,777,676

$1,777,008,000
$79,769,676
4.5

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.