FOR IMMEDIATE RELEASE:
January 6, 2015

FOR INFORMATION CONTACT:
Kim Conroy, Tax Commissioner
402-471-8557

General Fund Receipts — December 2014

LINCOLN — December Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for December were $452 million, which is 5.8% above the certified forecast of $427 million.

• Sales and Use:
    0.2% below forecast
• Individual Income:
   2.8% above forecast
• Corporate Income:
  39.3% above forecast
• Miscellaneous:
    3.2% above forecast

December Tax Refunds: Tax refunds for December were $52 million, which is 12.2% below the certified forecast of $59 million.

December Net Receipts
: Net receipts for December were $400 million, which is 8.7% above the certified forecast of $368 million.

• Sales and Use:
    3.2% above forecast
• Individual Income:
    2.6% above forecast
• Corporate Income:
  51.2% above forecast
• Miscellaneous:
    3.3% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-15 were $2.023 billion, which is 2.8% above the certified forecast of $1.968 billion.

• Sales and Use:
    2.2% above forecast
• Individual Income:
    0.6% below forecast
• Corporate Income:
  50.1% above forecast
• Miscellaneous:
  13.4% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2014. This forecast was adjusted for legislation passed in 2014, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2014. On October 31, 2014, the Board met and revised the forecast for the current fiscal year upward by $62 million to $4.282 billion. By law, only downward revisions to the forecast are certified, so the comparisons made in this release are still based on the forecast certified on July 11, 2014

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

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APPROVED:
Kim Conroy
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2014-2015*

 

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
$241,017,843
$241,911,580
-$ 893,737
-0.4
$241,017,843
$241,911,580
-$  893,737
-0.4
August
354,034,166
351,452,296
2,581,869
0.7
595,052,008
593,363,876
1,688,132
0.3
September 463,293,528 427,835,405 35,458,123 8.3 1,058,345,537 1,021,199,282 37,146,255 3.6
October 222,458,009 244,313,476 -21,855,467 -8.9 1,280,803,546 1,265,512,758 15,290,788 1.2
November 342,333,466 334,625,141 7,708,325 2.3 1,623,137,012 1,600,137,898 22,999,113 1.4
December 400,121,553 368,003,485 32,118,067 8.7 2,023,258,565 1,968,141,384 55,117,181 2.8

Comparison of Actual and Projected General Fund Receipts by Tax Type
for December 2014 and Cumulative Fiscal Year 2014-2015*

 

December
Actual

December
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$171,262,300 $171,603,763 -$   341,463
-0.2
$1,047,959,510
$1,054,918,837
-$ 6,959,327 -0.7
Ind. Income Tax
200,484,250
194,965,904
5,518,346
2.8
1,043,448,469
1,043,084,758
363,711
0.0
Corp. Income Tax
68,541,896
49,208,585
19,333,311
39.3
188,660,522
137,454,943
51,205,579
37.3
Misc. Taxes
11,871,204
11,499,830
371,374 3.2
80,833,907
93,299,663
-12,465,756
-13.4
Total Gross
$452,159,650
$427,278,082
$24,881,568
5.8
$2,360,902,408
$2,328,758,201
$32,144,207 1.4
Refunds
Total Refunds

$52,038,097

$59,274,596
-$7,236,499
-12.2
$337,643,843
$360,616,818
-$22,972,974
-6.4
Net Receipts
Sales & Use Tax
$125,691,675
$121,760,984
$ 3,930,692
3.2
$  778,305,486
$  761,235,271
$17,070,215
2.2
Ind. Income Tax
195,038,491
190,094,733
4,943,758
2.6
995,462,578
1,001,281,021
-5,818,444
-0.6
Corp. Income Tax
67,520,263
44,652,161
22,868,102
51.2
168,702,887
112,368,388
56,334,500
50.1
Misc. Taxes
11,871,124
11,495,608
375,516
3.3
80,787,614
93,256,704
-12,469,090
-13.4
Total Net
$400,121,553
$368,003,485
$32,118,067
8.7

$2,023,258,565

$1,968,141,384
$55,117,181
2.8


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 28, 2014 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2014.