FOR IMMEDIATE RELEASE

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

General Fund Receipts — January 2018

FEBRUARY 15, 2018 (LINCOLN, NEB.) — January Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for January were $466 million, which is 6.6% above the certified forecast of $437 million.

• Gross Sales and Use:
     2.8% below forecast
• Gross Individual Income:
  17.5% above forecast
• Gross Corporate Income:
  22.3% above forecast
• Gross Miscellaneous:
    4.6% below forecast

January Tax Refunds: Tax refunds for January were $45 million, which is 22.7% below the certified forecast of $58 million.

January Net Receipts: Net receipts for January were $421 million, which is 11.1% above the certified forecast of $379 million.

• Net Sales and Use:
     2.2% above forecast
• Net Individual Income:
  18.8% above forecast
• Net Corporate Income:
  47.3% above forecast
• Net Miscellaneous:
     4.4% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $2.585 billion, which is 3.1% above the certified forecast of $2.508 billion.

• Net Sales and Use:
    0.7% above forecast
• Net Individual Income:
    5.5% above forecast
• Net Corporate Income:
    1.9% above forecast
• Net Miscellaneous:
   2.6% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 27, 2017. 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, 2017. The Board revised the forecast for the current fiscal year downward by $100 million to $4.505 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

Administrative Services Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2017-2018*

 

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 $267,909,749 $267,909,749 $0 0.0 $267,909,749 $267,909,749 $0 0.0
August 405,007,342 405,007,342 0 0.0 672,917,091 672,917,091 0 0.0
September 456,056,442 456,056,442 0 0.0 1,128,973,533 1,128,973,533 0 0.0
October 244,584,930 244,584,930 0 0.0 1,373,558,463 1,373,558,463 0 0.0
November 375,539,555 377,700,612 -2,161,056 -0.6 1,749,098,018 1,751,259,074 -2,161,056 -0.1
December 414,747,893 378,082,263 36,665,630 9.7 2,163,845,911 2,129,341,338 34,504,573 1.6
January 421,100,753 379,049,306 42,051,447 11.1 2,584,946,664 2,508,390,644 76,556,020 3.1

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2018 and Cumulative Fiscal Year 2017-2018*

 

January
Actual

January
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$217,696,869 $223,901,858 -$ 6,204,989 -2.8 $1,334,826,198 $1,342,480,552 -$ 7,654,354 -0.6
Ind. Income Tax
220,532,844 187,764,105 32,768,739 17.5 1,397,129,880 1,328,680,634 68,449,247 5.2
Corp. Income Tax
15,957,398 13,047,912 2,909,485 22.3 173,664,699 171,023,893 2,640,806 1.5
Misc. Taxes
11,496,893 12,045,201 -548,307 -4.6 126,290,513 129,682,537 -3,392,024 -2.6
Total Gross
$465,684,004
$436,759,077
$28,924,927
6.6
$3,031,911,290
$2,971,867,616
$60,043,675
2.0
Refunds
Total Refunds
$44,583,251
$57,709,771
-$13,126,520
-22.7
$446,964,626
$463,476,972
-$16,512,346
-3.6
Net Receipts
Sales & Use Tax
$177,518,905 $173,740,698 $ 3,778,207 2.2 $  987,637,757 $  980,314,283 $ 7,323,474 0.7
Ind. Income Tax
219,104,170 184,481,495 34,622,675 18.8 1,328,762,705 1,258,908,868 69,853,836 5.5
Corp. Income Tax
13,014,856 8,834,456 4,180,400 47.3 142,784,517 140,053,702 2,730,815 1.9
Misc. Taxes
11,462,822 11,992,657 -529,835 -4.4 125,761,685 129,113,790 -3,352,105 -2.6
Total Net
$421,100,753
$379,049,306 $42,051,447
11.1
$2,584,946,664
$2,508,390,644
$76,556,020
3.1

*Totals may not add due to rounding.