FOR IMMEDIATE RELEASE:
February 10, 2015

FOR INFORMATION CONTACT:
Leonard J. Sloup, Acting Tax Commissioner
402-471-5604

General Fund Receipts — January 2015

LINCOLN — January Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reported that gross General Fund receipts for January were $406 million, which is 3.1% below the certified forecast of $419 million.

• Gross Sales and Use:
    2.9% below forecast
• Gross Individual Income:
    6.3% below forecast
• Gross Corporate Income:
  31.4% above forecast
• Gross Miscellaneous:
    7.6% above forecast

January Tax Refunds: Tax refunds for January were $58 million, which is 14.2% above the certified forecast of $51 million.

January Net Receipts: Net receipts for January were $348 million, which is 5.5% below the certified forecast of $368 million.

• Net Sales and Use:
    0.7% below forecast
• Net Individual Income:
  14.1% below forecast
• Net Corporate Income:
  74.0% above forecast
• Net Miscellaneous:
    7.6% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-15 were $2.371 billion, which is 1.5% above the certified forecast of $2.337 billion.

• Net Sales and Use:
    1.7% above forecast
• Net Individual Income:
    2.7% below forecast
• Net Corporate Income:
  51.7% above forecast
• Net Miscellaneous:
  11.1% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2014. This forecast was adjusted for legislation passed in 2014, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2014. On October 31, 2014, the Board met and revised the forecast for the current fiscal year upward by $62 million to $4.282 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 11, 2014.

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

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APPROVED:
Leonard J. Sloup
Acting Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2014-2015*

 

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
$241,017,843
$241,911,580
-$ 893,737
-0.4
$241,017,843
$241,911,580
-$  893,737
-0.4
August
354,034,166
351,452,296
2,581,869
0.7
595,052,008
593,363,876
1,688,132
0.3
September
463,293,528 427,835,405 35,458,123 8.3 1,058,345,537 1,021,199,282 37,146,255 3.6
October
222,458,009 244,313,476 -21,855,467 -8.9 1,280,803,546 1,265,512,758 15,290,788 1.2
November
342,333,466 334,625,141 7,708,325 2.3 1,623,137,012 1,600,137,898 22,999,113 1.4
December
400,121,553 368,003,485 32,118,067 8.7 2,023,258,565 1,968,141,384 55,117,181 2.8
January
348,079,334 368,452,333 -20,372,999 -5.5 2,371,337,899 2,336,593,717 34,744,182 1.5

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2015 and Cumulative Fiscal Year 2014-2015*

 

January
Actual

January
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$202,907,052 $208,893,902 -$  5,986,850
-2.9
$1,250,866,562
$1,263,812,739
-$12,946,177 -1.0
Ind. Income Tax
175,254,092
187,042,553
-11,788,461
-6.3
1,218,702,561
1,230,127,311
-11,424,750
-0.9
Corp. Income Tax
15,707,766
11,956,863
3,750,903
31.4
204,368,288
149,411,806
54,956,482
36.8
Misc. Taxes
12,025,644
11,179,419
846,225 7.6
92,859,552
104,479,082
-11,619,531
-11.1
Total Gross
$405,894,555
$419,072,737
-$13,178,183
-3.1
$ 2,766,796,963
$2,747,830,939
$18,966,024 0.7
Refunds
Total Refunds

$57,815,220

$50,620,404
$7,194,816
14.2
$395,459,064
$411,237,222
-$15,778,158
-3.8
Net Receipts
Sales & Use Tax
$163,835,475
$164,925,075
-$ 1,089,600
-0.7
$  942,140,961
$  926,160,346
$15,980,614
1.7
Ind. Income Tax
158,395,720
184,409,341
-26,013,621
-14.1
1,153,858,298
1,185,690,363
-31,832,065
-2.7
Corp. Income Tax
13,822,535
7,945,495
5,877,040
74.0
182,525,423
120,313,883
62,211,540
51.7
Misc. Taxes
12,025,604
11,172,422
853,182
7.6
92,813,218
104,429,126
-11,615,908
-11.1
Total Net
$348,079,334
$368,452,333
-$20,372,999
-5.5

$2,371,337,899

$2,336,593,717
$34,744,182
1.5


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 28, 2014 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2014.