FOR IMMEDIATE RELEASE:
February 10, 2016

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

General Fund Receipts — January 2016

LINCOLN — January Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for January were $422 million, which is 2.7% below the certified forecast of $434 million.

• Gross Sales and Use:
    2.0% below forecast
• Gross Individual Income:
    4.1% below forecast
• Gross Corporate Income:
    3.9% above forecast
• Gross Miscellaneous:
    0.8% below forecast

January Tax Refunds: Tax refunds for January were $51 million, which is 25.6% below the certified forecast of $68 million.

January Net Receipts: Net receipts for January were $372 million, which is 1.5% above the certified forecast of $366 million.

• Net Sales and Use:
    1.8% above forecast
• Net Individual Income:
    0.9% above forecast
• Net Corporate Income:
    9.5% above forecast
• Net Miscellaneous:
    0.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2015-16 were $2.412 billion, which is 0.2% below the certified forecast of $2.417 billion.

• Net Sales and Use:
    0.9% below forecast
• Net Individual Income:
    0.4% below forecast
• Net Corporate Income:
    5.8% above forecast
• Net Miscellaneous:
    0.9% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 30, 2015. 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, 2015. At the October 30 meeting, the Board revised the forecast for the current fiscal year downward by $70.9 million to $4.403 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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APPROVED:
Tony Fulton
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2015-2016*

 

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
$250,936,332
$250,936,332
$         0
0.0
$  250,936,332
$  250,936,332
$         0
0.0
August
385,186,831
385,186,831
0
0.0
636,123,163
636,123,163
0
0.0
September 440,846,015 440,846,015 0 0.0 1,076,969,178 1,076,969,178 0 0.0
October 225,230,579 225,230,579 0 0.0 1,302,199,757 1,302,199,757 0 0.0
November 369,731,822 365,282,409 4,449,413 1.2 1,671,931,579 1,667,482,183 4,449,396 0.3
December 368,719,470 383,438,226 -14,718,756 -3.8 2,040,651,049 2,050,920,409 -10,269,360 -0.5
January 371,697,375 366,175,125 5,522,250 1.5 2,412,348,424 2,417,095,534 -4,747,110 -0.2

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2016 and Cumulative Fiscal Year 2015-2016*

 

January
Actual

January
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$209,686,595 $213,980,778 -$4,294,183 -2.0 $1,265,701,780 $1,280,069,407 -$14,367,627 -1.1
Ind. Income Tax
187,120,267
195,184,117
-8,063,850
-4.1
1,275,377,740
1,285,486,597
-10,108,856
-0.8
Corp. Income Tax
13,650,790
13,133,456
517,334
3.9
196,263,238
181,457,934
14,805,304
8.2
Misc. Taxes
11,973,136
12,072,781
-99,644 -0.8
96,639,447
97,510,630
-871,182
-0.9
Total Gross
$422,430,787
$434,371,132
-$11,940,345
-2.7
$2,833,982,206
$2,844,524,567
-$10,542,361 -0.4
Refunds
Total Refunds

$50,733,412

$68,196,007
-$17,462,595 -25.6
$421,633,781
$427,429,033
-$5,795,251
-1.4
Net Receipts
Sales & Use Tax
$166,542,842
$163,535,559
$3,007,283
1.8
$  933,165,027
$  941,709,312
-$8,544,285
-0.9
Ind. Income Tax
181,644,840
180,037,634
1,607,205
0.9
1,218,386,856
1,222,734,453
-4,347,597
-0.4
Corp. Income Tax
11,536,874
10,532,423
1,004,451
9.5
164,241,334
155,181,112
9,060,222
5.8
Misc. Taxes
11,972,819
12,069,508
-96,689 -0.8 96,555,208 97,470,657
-915,450
-0.9
Total Net
$371,697,375
$366,175,125
$5,522,250 1.5

$2,412,348,424

$2,417,095,534
-$4,747,110
-0.2


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October 30, 2015 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 13, 2015.