FOR IMMEDIATE RELEASE

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

General Fund Receipts — January 2017

FEBRUARY 15, 2017 (LINCOLN, NEB.) —January Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for January were $425 million, which is 2.4% below the certified forecast of $436 million.

• Gross Sales and Use:
1.0% below forecast
• Gross Individual Income:
5.6% below forecast
• Gross Corporate Income:
17.6% above forecast
• Gross Miscellaneous:
8.8% above forecast

January Tax Refunds: Tax refunds for January were $49 million, which is 12.8% below the certified forecast of $56 million.

January Net Receipts: Net receipts for January were $376 million, which is 0.8% below the certified forecast of $380 million.

• Net Sales and Use:
0.4% above forecast
• Net Individual Income:
4.1% below forecastt
• Net Corporate Income:
34.8% above forecast
• Net Miscellaneous:
8.9% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $2.393 billion, which is 2.2% below the certified forecast of $2.447 billion.

• Net Sales and Use:
1.8% below forecast
• Net Individual Income:
2.8% below forecast
• Net Corporate Income:
4.1% below forecast
• Net Miscellaneous:
 2.9% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 28, 2016. 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 9, 2016. The Board revised the forecast for the current fiscal year downward by $172 million to $4.395 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

Policy Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2016-2017*

 

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
$234,585,213
$234,585,207 $7
0.0
$234,585,213
$ 234,585,207
$ 7
0.0
August
410,484,016
410,484,018
-2
0.0
645,069,230
645,069,225
5
0.0
September 437,022,598 437,022,593 5 0.0 1,082,091,827 1,082,091,818 10 0.0
October 233,404,182 233,404,186 -4 0.0 1,315,496,010 1,315,496,004 5 0.0
November 358,594,439 377,206,021 -18,611,583 -4.9 1,674,090,448 1,692,702,025 -18,611,577 -1.1
December 342,069,150 374,599,914 -32,530,764 -8.7 2,016,159,598 2,067,301,940 -51,142,342 -2.5
January 376,472,404 379,593,158 -3,120,754 -0.8 2,392,632,002 2,446,895,098 -54,263,096 -2.2

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2017 and Cumulative Fiscal Year 2016-2017*

 

January
Actual

January
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$215,253,385 $217,518,906 -$ 2,265,520 -1.0 $1,311,886,792 $1,320,732,045 -$ 8,845,253 -0.7
Ind. Income Tax
185,392,304
196,386,280
-10,993,976
-5.6
1,304,858,458
1,337,582,669
-32,724,211
-2.4
Corp. Income Tax
14,030,499
11,925,775
2,104,724
17.6
146,616,851
153,432,659
-6,815,808
-4.4
Misc. Taxes
10,561,814
9,705,278
856,536 8.8
106,709,287
103,768,382 2,940,905 2.8
Total Gross
$425,238,003
$435,536,239
-$10,298,236 -2.4
$2,870,071,388
$2,915,515,755
-$45,444,367 -1.6
Refunds
Total Refunds

$48,765,598

$55,943,080
-$7,177,482 -12.8
$477,439,386
$468,620,657
$8,818,729
1.9
Net Receipts
Sales & Use Tax
$172,010,342
$171,281,907
$  728,434
0.4
$  937,682,770
$  954,931,515 -$17,248,744
-1.8
Ind. Income Tax
182,037,328
189,809,616
-7,772,289
-4.1
1,244,472,894
1,279,998,151
-35,525,257 -2.8
Corp. Income Tax
11,863,339
8,801,296
3,062,043 34.8
103,768,969
108,222,975
-4,454,005 -4.1
Misc. Taxes
10,561,396
9,700,339
861,057 8.9 106,707,369 103,742,458
2,964,911
2.9
Total Net
$376,472,404
$379,593,158
-$3,120,754 -0.8

$2,392,632,002

$2,446,895,098
-$54,263,096
-2.2


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October, 2016 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 9, 2016.