FOR IMMEDIATE RELEASE:
February 11, 2013

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604

General Fund Receipts — January 2013

LINCOLN — January Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for January were $397 million, which is 1.6% above the certified forecast of $390 million.

• Gross Sales and Use:
    2.3% below forecast
• Gross Individual Income:
    6.8% above forecast
• Gross Corporate Income:
  21.7% below forecast
• Gross Miscellaneous:
  19.0% above forecast

January Tax Refunds: Tax refunds for January were $46 million, which is 13.7% below the certified forecast of $53 million.

January Net Receipts: Net receipts for January were $351 million, which is 4.1% above the certified forecast of $337 million.

• Net Sales and Use:
    5.8% below forecast
• Net Individual Income:
  15.5% above forecast
• Net Corporate Income:
  32.7% below forecast
• Net Miscellaneous:
  19.2% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $2.2 billion, which is 4.4% above the certified forecast of $2.1 billion.

• Net Sales and Use:
    1.0% below forecast
• Net Individual Income:
    7.7% above forecast
• Net Corporate Income:
  22.9% above forecast
• Net Miscellaneous:
    0.3% above forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012. On October 26, 2012, the forecasting board met and revised the forecast for the current year upward by $57.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are based on the forecast certified on July 16, 2012.

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

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2012-2013*

 

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
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
-1.2
556,490,810
548,893,000
7,597,810
1.4
September 393,941,658 365,444,000 28,517,658 7.8 950,432,468 914,337,000 36,115,468 3.9
October 228,084,028 228,569,000 -484,972 -0.2 1,178,516,496 1,142,906,000 35,610,496 3.1
November 315,022,112 312,379,000 2,643,112 0.8 1,493,538,608 1,455,285,000 38,253,608 2.6
December 362,482,965 321,723,000 40,759,965 12.7 1,856,021,573 1,777,008,000 79,013,573 4.4
January 350,993,211 337,258,000 13,735,211 4.1 2,207,770,887 2,114,266,000 93,504,887 4.4

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2013 and Cumulative Fiscal Year 2012-2013*

  JANUARY
ACTUAL
JANUARY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$190,844,124
$195,371,000
-$4,526,876
-2.3
$1,161,880,024
$1,140,776,000
$ 21,104,024
1.8
Ind. Income Tax
183,589,188
171,878,000
11,711,188
6.8
1,162,445,172
1,086,125,000
76,320,172
7.0
Corp. Income Tax
9,946,780
12,699,000
-2,752,220
-21.7
150,442,222
135,626,000
14,816,222
10.9
Misc. Taxes
12,482,880
10,490,000
1,992,880
19.0
91,689,633
91,472,000
217,633
0.2
Total Gross
$396,862,973 $390,437,000 $6,425,973 1.6 $2,566,457,051 $2,453,996,000 $112,461,051 4.6
REFUNDS
Total Refunds
$45,869,762 $53,180,000 -$7,310,238 -13.7 $358,686,164 $339,732,000 $18,954,164 5.6
NET RECEIPTS
Sales & Use Tax
$150,957,757
$160,333,000
-$ 9,375,243
-5.8
$  882,332,633
$  891,042,000
-$ 8,709,367
-1.0
Ind. Income Tax
181,082,106
156,828,000
24,254,106
15.5
1,110,432,029
1,031,461,000
78,971,029
7.7
Corp. Income Tax
6,470,555
9,620,000
-3,149,445
-32.7
123,345,538
100,388,000
22,957,538
22.9
Misc. Taxes
12,482,793
10,476,000
2,006,793
19.2
91,660,688
91,371,000
289,688
0.3
Total Net
$350,993,211
$337,258,000
$13,735,211
4.1

$2,207,770,887

$2,114,266,000
$93,504,887
4.4

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.