FOR IMMEDIATE RELEASE:
January 11, 2016

FOR INFORMATION CONTACT:
Tony Fulton, Tax Commissioner
402-471-5604

General Fund Receipts — December 2015

LINCOLN — December Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for December were $435 million, which is 2.4% below the certified forecast of $446 million.

• Gross Sales and Use:
    5.6% below forecast
• Gross Individual Income:
    2.6% below forecast
• Gross Corporate Income:
    9.7% above forecast
• Gross Miscellaneous:
  17.7% below forecast

December Tax Refunds: Tax refunds for December were $66 million, which is 6.1% above the certified forecast of $63 million.

December Net Receipts: Net receipts for December were $369 million, which is 3.8% below the certified forecast of $383 million.

• Net Sales and Use:
    9.1% below forecast
• Net Individual Income:
    3.3% below forecast
• Net Corporate Income:
    8.0% above forecast
• Net Miscellaneous:
  18.2% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2015-16 were $2.041 billion, which is 0.5% below the certified forecast of $2.051 billion.

• Net Sales and Use:
    1.5% below forecast
• Net Individual Income:
    0.6% below forecast
• Net Corporate Income:
    5.6% above forecast
• Net Miscellaneous:
    1.0% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 30, 2015. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Acting Tax Commissioner and Legislative Fiscal Analyst on November 13, 2015. At the October 30th meeting, the Board revised the forecast for the current fiscal year downward by $70.9 million to $4.403 billion. By law, downward revisions to the forecast are recertified.

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

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APPROVED:
Tony Fulton
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2015-2016*

 

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
$250,936,332
$250,936,332
$         0
0.0
$  250,936,332
$  250,936,332
$         0
0.0
August
385,186,831
385,186,831
0
0.0
636,123,163
636,123,163
0
0.0
September 440,846,015 440,846,015 0 0.0 1,076,969,178 1,076,969,178 0 0.0
October 225,230,579 225,230,579 0 0.0 1,302,199,757 1,302,199,757 0 0.0
November 369,731,822 365,282,409 4,449,413 1.2 1,671,931,579 1,667,482,183 4,449,396 0.3
December 368,719,470 383,438,226 -14,718,756 -3.8 2,040,651,049 2,050,920,409 -10,269,360 -0.5

Comparison of Actual and Projected General Fund Receipts by Tax Type
for December 2015 and Cumulative Fiscal Year 2015-2016*

 

December
Actual

December
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$166,611,622 $176,405,823 -$ 9,794,201 -5.6 $1,056,015,185 $1,066,088,629 -$10,073,443 -0.9
Ind. Income Tax
190,521,566
195,610,893
-5,089,326
-2.6
1,088,257,473
1,090,302,480
-2,045,006
-0.2
Corp. Income Tax
68,343,240
62,297,745
6,045,494
9.7
182,612,448
168,324,478
14,287,970
8.5
Misc. Taxes
9,638,539
11,710,690
-2,072,150 -17.7
84,666,311
85,437,849
-771,538
-0.9
Total Gross
$435,114,968
$446,025,151
-$10,910,183
-2.4
$2,411,551,418
$2,410,153,435
$1,397,983 0.1
Refunds
Total Refunds

$66,395,497

$62,586,924
$3,808,573 6.1
$370,900,369
$359,233,026
$11,667,343
3.2
Net Receipts
Sales & Use Tax
$110,117,835
$121,166,758
-$11,048,923
-9.1
$  766,622,185
$  778,173,753
-$11,551,568
-1.5
Ind. Income Tax
184,784,738
191,075,977
-6,291,239
-3.3
1,036,742,017
1,042,696,819
-5,954,802
-0.6
Corp. Income Tax
64,253,264
59,499,563
4,753,701
8.0
152,704,460
144,648,688
8,055,771
5.6
Misc. Taxes
9,563,633
11,695,928
-2,132,295
-18.2
84,582,388
85,401,149
-818,761
-1.0
Total Net
$368,719,470
$383,438,226
-$14,718,756 -3.8

$2,040,651,049

$2,050,920,409
-$10,269,360
-0.5


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October 30, 2015 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 13, 2015.