FOR IMMEDIATE RELEASE

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

General Fund Receipts — January 2019

FEBRUARY 14, 2019 (LINCOLN, NEB.) —January Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for January were $442 million, which is 7.4% below the certified forecast of $477 million.

• Gross Sales and Use:
    3.5% below forecast
• Gross Individual Income:
    9.9% below forecast
• Gross Corporate Income:
  10.9% below forecast
• Gross Miscellaneous:
  30.0% below forecast

January Tax Refunds: Tax refunds for January were $52 million, which is 5.6% below the certified forecast of $55 million.

January Net Receipts: Net receipts for January were $390 million, which is 7.6% below the certified forecast of $422 million.

• Net Sales and Use:
    3.5% below forecast
• Net Individual Income:
  10.1% below forecast
• Net Corporate Income:
    1.6% below forecast
• Net Miscellaneous:
  29.9% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2018-19 were $2.627 billion, which is 1.3% below the certified forecast of $2.662 billion.

• Net Sales and Use:
    3.0% below forecast
• Net Individual Income:
    1.1% below forecast
• Net Corporate Income:
  15.9% above forecast
• Net Miscellaneous:
  11.3% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2018. This forecast was adjusted for legislation passed in 2018, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2018. On October 26, 2018, the Board met and revised the forecast for the current fiscal year upward by $69 million to $4.800 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 13, 2018.

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 2018-2019*

 

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 $279,849,780 $259,542,642 $20,307,138 7.8 $279,849,780 $259,542,642 $20,307,138 7.8
August 422,129,588 424,947,767 -2,818,179 -0.7 701,979,368 684,490,408 17,488,959 2.6
September 510,217,946 464,358,313 45,859,632 9.9 1,212,197,313 1,148,848,722 63,348,591 5.5
October 247,188,116 267,075,636 -19,887,520 -7.4 1,459,385,429 1,415,924,358 43,461,071 3.1
November 390,491,204 399,784,200 -9,292,996 -2.3 1,849,876,634 1,815,708,558 34,168,076 1.9
December 387,480,225 424,857,527 -37,377,302 -8.8 2,237,356,858 2,240,566,085 -3,209,227 -0.1
January 389,711,888 421,697,223 -31,985,336 -7.6 2,627,068,746 2,662,263,308 -35,194,562 -1.3

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2019 and Cumulative Fiscal Year 2018-2019*

 

January
Actual

January
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$221,881,805 $229,877,375 -$ 7,995,570 -3.5 $1,395,219,841 $1,403,727,267 -$ 8,507,426 -0.6
Ind. Income Tax
194,066,462 215,271,715 -21,205,252 -9.9 1,417,996,944 1,429,419,395 -11,422,451 -0.8
Corp. Income Tax
16,943,922 19,016,945 -2,073,023 -10.9 205,859,650 188,110,278 17,749,372 9.4
Misc. Taxes
8,812,312 12,594,423 -3,782,111 -30.0 112,805,955 126,801,164 -13,995,209 -11.0
Total Gross
$441,704,500
$476,760,458
-$35,055,957
-7.4
$3,131,882,390
$3,148,058,104
-$16,175,714
-0.5
Refunds
Total Refunds
$51,992,613
$55,063,234
-$3,070,621
-5.6
$504,813,644
$485,794,796
$19,018,849
3.9
Net Receipts
Sales & Use Tax
$173,909,254 $180,262,953 -$ 6,353,699 -3.5 $  990,370,108 $1,020,564,962 -$30,194,853 -3.0
Ind. Income Tax
191,547,880 213,159,373 -21,611,493 -10.1 1,347,184,374 1,362,105,297 -14,920,923 -1.1
Corp. Income Tax
15,450,949 15,709,093 -258,145 -1.6 177,269,955 152,988,942 24,281,012 15.9
Misc. Taxes
8,803,805 12,565,804 -3,761,999 -29.9 112,244,309 126,604,108 -14,359,799 -11.3
Total Net
$389,711,888
$421,697,223 -$31,985,336
-7.6
$2,627,068,746
$2,662,263,308
-$35,194,562
-1.3

*Totals may not add due to rounding.