FOR IMMEDIATE RELEASE

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

General Fund Receipts — December 2018

JANUARY 15, 2019 (LINCOLN, NEB.) — December Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for December were $493 million, which is 2.3% below the certified forecast of $505 million.

• Gross Sales and Use:
    1.5% below forecast
• Gross Individual Income:
    8.8% below forecast
• Gross Corporate Income:
  23.8% above forecast
• Gross Miscellaneous:
    9.5% below forecast

December Tax Refunds: Tax refunds for December were $106 million, which is 32.1% above the certified forecast of $80 million.

December Net Receipts: Net receipts for December were $387 million, which is 8.8% below the certified forecast of $425 million.

• Net Sales and Use:
  25.9% below forecast
• Net Individual Income:
    9.2% below forecast
• Net Corporate Income:
  35.7% above forecast
• Net Miscellaneous:
    9.3% below forecast

Fiscal Year Net Receipts:Net General Fund receipts for fiscal year 2018-19 were $2.237 billion, which is 0.1% below the certified forecast of $2.241 billion.

• Net Sales and Use:
    2.8% below forecast
• Net Individual Income:
    0.6% above forecast
• Net Corporate Income:
  17.9% above forecast
• Net Miscellaneous:
    9.3% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2018. This forecast was adjusted for legislation passed in 2018, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2018. On October 26, 2018, the Board met and revised the forecast for the current fiscal year upward by $69 million to $4.800 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 13, 2018.

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 2018-2019*

 

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 $279,849,780 $259,542,642 $20,307,138 7.8 $279,849,780 $259,542,642 $20,307,138 7.8
August 422,129,588 424,947,767 -2,818,179 -0.7 701,979,368 684,490,408 17,488,959 2.6
September 510,217,946 464,358,313 45,859,632 9.9 1,212,197,313 1,148,848,722 63,348,591 5.5
October 247,188,116 267,075,636 -19,887,520 -7.4 1,459,385,429 1,415,924,358 43,461,071 3.1
November 390,491,204 399,784,200 -9,292,996 -2.3 1,849,876,634 1,815,708,558 34,168,076 1.9
December 387,480,225 424,857,527 -37,377,302 -8.8 2,237,356,858 2,240,566,085 -3,209,227 -0.1

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for December 2018 and Cumulative Fiscal Year 2018-2019*

 

December
Actual

December
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$188,293,187 $191,208,922 -$ 2,915,735 -1.5 $1,173,338,037 $1,173,849,892 -$   511,855 0.0
Ind. Income Tax
211,169,621 231,602,554 -20,432,933 -8.8 1,223,930,482 1,214,147,681 9,782,802 0.8
Corp. Income Tax
72,360,672 58,464,894 13,895,778 23.8 188,915,728 169,093,333 19,822,395 11.7
Misc. Taxes
21,311,397 23,535,606 -2,224,210 -9.5 103,993,643 114,206,741 -10,213,098 -8.9
Total Gross
$493,134,877
$504,811,977
-$11,677,100
-2.3
$2,690,177,890
$2,671,297,646
$18,880,244
0.7
Refunds
Total Refunds
$105,654,652
$79,954,450
$25,700,202
32.15
$452,821,031
$430,731,561
$22,089,470
5.1
Net Receipts
Sales & Use Tax
$ 95,956,950 $129,564,203 -$33,607,253 -25.9 $  816,460,855 $  840,302,009 -$23,841,154 -2.8
Ind. Income Tax
199,587,546 219,741,484 -20,153,937 -9.2 1,155,636,494 1,148,945,924 6,690,570 0.6
Corp. Income Tax
70,624,411 52,047,708 18,576,704 35.7 161,819,006 137,279,849 24,539,157 17.9
Misc. Taxes
21,311,317 23,504,133 -2,192,816 -9.3 103,440,503 114,038,303 -10,597,800 -9.3
Total Net
$387,480,225
$424,857,527 -$37,377,302
-8.8
$2,237,356,858
$2,240,566,085
-$ 3,209,227
-0.1

*Totals may not add due to rounding.