FOR IMMEDIATE RELEASE:
March 9, 2012

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700

GENERAL FUND RECEIPTS — FEBRUARY 2012

LINCOLN — February Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for February were $398 million, which is 3% above the certified forecast of $386 million.

• Gross Sales and Use:
   1.1% above forecast
• Gross Individual Income:
   2.1% above forecast
• Gross Corporate Income:
 10.5% above forecast
• Gross Miscellaneous:
 43.2% above forecast

February Tax Refunds: Tax refunds for February were $170 million, which is 8.1% above the certified forecast of $157 million.

February Net Receipts: Net receipts for February were $228 million, which is 0.4% below the certified forecast of $229 million.

• Net Sales and Use:
    0.1% above forecast
• Net Individual Income:
    6.7% below forecast
• Net Corporate Income:
  30.8% above forecast
• Net Miscellaneous:
  43.3% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $2,284 million, which is 1.6% above the certified forecast of $2,248 million.

• Net Sales and Use:
    0.9% above forecast
• Net Individual Income:
    0.9% above forecast
• Net Corporate Income:

  23.6% above forecast

• Net Miscellaneous:
    3.2% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. The forecasting board met again on February 24, 2012 and voted to retain the October forecast. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July 12, 2011.

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

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2011-2012*

 

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
$200,410,336
$211,449,000
-$11,038,665
-5.2
$200,410,336
$211,449,000
-$11,038,665
-5.2
August
328,095,462
328,955,000
-859,538
-0.3
528,505,797
540,404,000
-11,898,203
-2.2
September
352,198,248
348,138,000
4,060,248
1.2
880,704,046
888,542,000
-7,837,954
-0.9
October
222,675,821
205,211,000
17,464,821
8.5
1,103,379,866
1,093,753,000
9,626,866
0.9
November
304,541,302
310,425,000
-5,883,698
-1.9
1,407,921,169
1,404,178,000
3,743,169
0.3
December
315,752,839
307,691,000
8,061,839
2.6
1,723,674,008
1,711,869,000
11,805,008
0.7
January
332,895,309
307,342,000
25,553,309
8.3
2,056,569,317
2,019,211,000
37,358,317
1.9
February 227,923,183 228,928,000 -1,004,817 -0.4 2,284,492,500 2,248,139,000 36,353,500 1.6

Comparison of Actual and Projected General Fund Receipts by Tax Type
for February 2012 and Cumulative Fiscal Year 2011-2012*

  FEBRUARY
ACTUAL
FEBRUARY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$140,772,320
$139,198,000
$ 1,574,320
1.1
$1,249,651,527
$1,241,612,000
$ 8,039,527
0.6
Ind. Income Tax
232,816,431
228,029,000
4,787,431
2.1
1,278,012,594
1,258,656,000
19,356,594
1.5
Corp. Income Tax
9,665,834
8,750,000
915,834
10.5
133,152,850
130,161,000
2,991,850
2.3
Misc. Taxes
14,564,175
10,172,000
4,392,175
43.2
109,882,467
113,528,000
-3,645,533
-3.2
Total Gross
$397,818,761 $386,150,000 $11,668,761 3.0 $2,770,699,438 $2,743,959,000 $26,740,438 1.0
REFUNDS
Total Refunds
$169,895,578 $157,222,000 $12,673,578 8.1 $486,206,938 $495,819,000 -$9,612,062 -1.9
NET RECEIPTS
Sales & Use Tax
$ 99,947,780
$ 99,813,000
$ 134,780
0.1
$ 968,122,271
$ 959,108,000
$ 9,014,271
0.9
Ind. Income Tax
105,034,593
112,547,000
-7,512,407
-6.7
1,096,389,028
1,086,494,000
9,895,028
0.9
Corp. Income Tax
8,393,252
6,419,000
1,974,252
30.8
110,125,320
89,082,000
21,043,320
23.6
Misc. Taxes
14,547,558
10,149,000
4,398,558
43.3
109,855,881
113,452,000
-3,596,119
-3.2
Total Net
$227,923,183
$228,928,000
-$1,004,817
-0.4

$2,284,492,500

$2,248,139,000
$36,353,500
1.6

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.