FOR IMMEDIATE RELEASE

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

General Fund Receipts — December 2016

January 13, 2017 (LINCOLN, NEB.) — December Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for December were $419 million, which is 5.6% below the certified forecast of $443 million.

• Gross Sales and Use:
1.3% below forecast
• Gross Individual Income:
10.1% below forecast
• Gross Corporate Income:
5.3% below forecast
• Gross Miscellaneous:
7.9% above forecast

December Tax Refunds: Tax refunds for December were $77 million, which is 11.1% above the certified forecast of $69 million.

December Net Receipts: Net receipts for December were $342 million, which is 8.7% below the certified forecast of $375 million.

• Net Sales and Use:
7.9% below forecast
• Net Individual Income:
11.5% below forecast
• Net Corporate Income:
2.0% below forecast
• Net Miscellaneous:
8.1% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $2.016 billion, which is 2.5% below the certified forecast of $2.067 billion.

• Net Sales and Use:
2.3% below forecast
• Net Individual Income:
2.5% below forecast
• Net Corporate Income:
7.6% below forecast
• Net Miscellaneous:
 2.2% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 28, 2016. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on November 9, 2016. The Board revised the forecast for the current fiscal year downward by $172 million to $4.395 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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Nebraska Department of Revenue

Policy Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2016-2017*

 

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
$234,585,213
$234,585,207 $7
0.0
$234,585,213
$ 234,585,207
$ 7
0.0
August
410,484,016
410,484,018
-2
0.0
645,069,230
645,069,225
5
0.0
September 437,022,598 437,022,593 5 0.0 1,082,091,827 1,082,091,818 10 0.0
October 233,404,182 233,404,186 -4 0.0 1,315,496,010 1,315,496,004 5 0.0
November 358,594,439 377,206,021 -18,611,583 -4.9 1,674,090,448 1,692,702,025 -18,611,577 -1.1
December 342,069,150 374,599,914 -32,530,764 -8.7 2,016,159,598 2,067,301,940 -51,142,342 -2.5

Comparison of Actual and Projected General Fund Receipts by Tax Type
for December 2016 and Cumulative Fiscal Year 2016-2017*

 

December
Actual

December
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$174,646,121 $176,898,608 -$ 2,252,487 -1.3 $1,096,633,407 $1,103,213,139 -$ 6,579,733 -0.6
Ind. Income Tax
183,888,393
204,533,563
-20,645,170
-10.1
1,119,466,154
1,141,196,389
-21,730,235
-1.9
Corp. Income Tax
49,666,266
52,446,048
-2,779,782
-5.3
132,586,352
141,506,884
-8,920,532
-6.3
Misc. Taxes
10,368,626
9,606,345
762,281 7.9
96,147,473
94,063,104 2,084,369 2.2
Total Gross
$418,569,406
$443,484,564
-$24,915,158 -5.6
$2,444,833,385
$2,479,979,516
-$35,146,131 -1.4
Refunds
Total Refunds

$76,500,256

$68,884,650
$7,615,606 11.1
$428,673,787
$412,677,577
$15,996,211
3.9
Net Receipts
Sales & Use Tax
$109,831,230
$119,298,953
-$ 9,467,723
-7.9
$  765,672,429
$  783,649,607 -$17,977,179
-2.3
Ind. Income Tax
175,955,803
198,864,916
-22,909,113
-11.5
1,062,435,566
1,090,188,534
-27,752,968 -2.5
Corp. Income Tax
45,913,663
46,840,954
-927,291 -2.0
91,905,630
99,421,679
-7,516,049 -7.6
Misc. Taxes
10,368,454
9,595,091
773,363 8.1 96,145,973 94,042,119
2,103,854
2.2
Total Net
$342,069,150
$374,599,914
-$32,530,764 -8.7

$2,016,159,598

$2,067,301,940
-$51,142,342
-2.5


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October, 2016 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 9, 2016.