FOR IMMEDIATE RELEASE

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

General Fund Receipts — December 2017

JANUARY 12, 2018 (LINCOLN, NEB.) — December Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for December were $489 million, which is 7.9% above the certified forecast of $453 million.

• Gross Sales and Use:
     0.3% below forecast
• Gross Individual Income:
  18.3% above forecast
• Gross Corporate Income:
    5.5% above forecast
• Gross Miscellaneous:
    9.1% below forecast

December Tax Refunds: Tax refunds for December were $74.6 million, which is 1.1% below the certified forecast of $75.4 million.

December Net Receipts: Net receipts for December were $415 million, which is 9.7% above the certified forecast of $378 million.

• Net Sales and Use:
     6.0% above forecast
• Net Individual Income:
  16.3% above forecast
• Net Corporate Income:
     2.4% above forecast
• Net Miscellaneous:
     9.1% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $2.164 billion, which is 1.6% above the certified forecast of $2.129 billion.

• Net Sales and Use:
    0.4% above forecast
• Net Individual Income:
    3.3% above forecast
• Net Corporate Income:
    1.1% below forecast
• Net Miscellaneous:
   2.4% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 27, 2017. 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 13, 2017. The Board revised the forecast for the current fiscal year downward by $100 million to $4.505 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

Administrative Services Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2017-2018*

 

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 $267,909,749 $267,909,749 $0 0.0 $267,909,749 $267,909,749 $0 0.0
August 405,007,342 405,007,342 0 0.0 672,917,091 672,917,091 0 0.0
September 456,056,442 456,056,442 0 0.0 1,128,973,533 1,128,973,533 0 0.0
October 244,584,930 244,584,930 0 0.0 1,373,558,463 1,373,558,463 0 0.0
November 375,539,555 377,700,612 -2,161,056 -0.6 1,749,098,018 1,751,259,074 -2,161,056 -0.1
December 414,747,893 378,082,263 36,665,630 9.7 2,163,845,911 2,129,341,338 34,504,573 1.6

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for December 2017 and Cumulative Fiscal Year 2017-2018*

 

December
Actual

December
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$182,955,190 $183,503,982 -$  548,792 -0.3 $1,117,129,330 $1,118,578,694 -$ 1,449,364 -0.1
Ind. Income Tax
227,418,109 192,157,554 35,260,555 18.3 1,176,597,036 1,140,916,528 35,680,508 3.1
Corp. Income Tax
59,370,325 56,262,913 3,107,412 5.5 157,707,301 157,975,980 -268,680 -0.2
Misc. Taxes
19,557,664 21,527,399 -1,969,735 -9.1 114,793,620 117,637,336 -2,843,716 -2.4
Total Gross
$489,301,289
$453,451,848
$35,849,441
7.9
$2,566,227,286
$2,535,108,539
$31,118,747
1.2
Refunds
Total Refunds

$74,553,396

$75,369,585
-$816,189
-1.1
$402,381,375
$405,767,201
-$3,385,826
-0.8
Net Receipts
Sales & Use Tax
$127,799,230 $120,536,078 $ 7,263,152 6.0 $  810,118,852 $  806,573,585 $ 3,545,267 0.4
Ind. Income Tax
215,041,674 184,904,779 30,136,895 16.3 1,109,658,535 1,074,427,374 35,231,161 3.3
Corp. Income Tax
52,349,425 51,128,077 1,221,348 2.4 129,769,661 131,219,246 -1,449,585 -1.1
Misc. Taxes
19,557,564 21,513,330 -1,955,766 -9.1 114,298,863 117,121,133 -2,822,270 -2.4
Total Net
$414,747,893
$378,082,263 $36,665,630
9.7
$2,163,845,911
$2,129,341,338
$34,504,573
1.6

*Totals may not add due to rounding.