FOR IMMEDIATE RELEASE:
March 11, 2013

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604

General Fund Receipts — February 2013

LINCOLN — February Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for February were $397 million, which is 0.2% below the certified forecast of $398 million.

• Gross Sales and Use:
    5.8% above forecast
• Gross Individual Income:
    2.6% below forecast
• Gross Corporate Income:
    0.9% below forecast
• Gross Miscellaneous:
  25.6% below forecast

February Tax Refunds: Tax refunds for February were $181 million, which is 2.0% above the certified forecast of $177 million.

February Net Receipts:
Net receipts for February were $216 million, which is 2.1% below the certified forecast of $221 million.

• Net Sales and Use:
    4.8% above forecast
• Net Individual Income:
    1.5% below forecast
• Net Corporate Income:
  63.4% below forecast
• Net Miscellaneous:
  25.6% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $2.4 billion, which is 3.8% above the certified forecast of $2.3 billion.

• Net Sales and Use:
    0.4% below forecast
• Net Individual Income:
    6.9% above forecast
• Net Corporate Income:
  16.6% above forecast
• Net Miscellaneous:
    2.7% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012. On February 28, 2013, the Nebraska Economic Forecasting Advisory Board met and revised the forecast for the current year upward by $110.9 million from the certified forecast. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are based on the forecast certified on July 16, 2012.

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

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2012-2013*

 

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
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
-1.2
556,490,810
548,893,000
7,597,810
1.4
September 393,941,658 365,444,000 28,517,658 7.8 950,432,468 914,337,000 36,115,468 3.9
October 228,084,028 228,569,000 -484,972 -0.2 1,178,516,496 1,142,906,000 35,610,496 3.1
November 315,022,112 312,379,000 2,643,112 0.8 1,493,538,608 1,455,285,000 38,253,608 2.6
December 362,482,965 321,723,000 40,759,965 12.7 1,856,021,573 1,777,008,000 79,013,573 4.4
January 350,993,211 337,258,000 13,735,211 4.1 2,207,770,887 2,114,266,000 93,504,887 4.4
February 216,047,077 220,588,000 -4,540,923 -2.1 2,423,817,965 2,334,854,000 88,963,965 3.8

Comparison of Actual and Projected General Fund Receipts by Tax Type
for February 2013 and Cumulative Fiscal Year 2012-2013*

  FEBRUARY
ACTUAL
FEBRUARY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$151,603,717
$143,342,000
$8,261,717
5.8
$1,313,483,741
$1,284,118,000
$ 29,365,741
2.3
Ind. Income Tax
226,064,240
232,050,000
-5,985,760
-2.6
1,388,509,412
1,318,175,000
70,334,412
5.3
Corp. Income Tax
10,184,792
10,277,000
-92,208
-0.9
160,627,014
145,903,000
14,724,014
10.1
Misc. Taxes
9,049,633
12,161,000
-3,111,367
-25.6
100,739,266
103,633,000
-2,893,734
-2.8
Total Gross
$396,902,382 $397,830,000 -$  927,618 -0.2 $2,963,359,433 $2,851,826,000 $111,533,433 3.9
REFUNDS
Total Refunds
$180,855,305 $177,243,000 $3,612,305 2.0 $539,541,468 $516,975,000 $22,566,468 4.4
NET RECEIPTS
Sales & Use Tax
$109,601,945
$104,600,000
$5,001,945
4.8
$  991,934,578
$  995,642,000
-$ 3,707,422
-0.4
Ind. Income Tax
94,504,481
95,921,000
-1,416,519
-1.5
1,204,936,509
1,127,382,000
77,554,509
6.9
Corp. Income Tax
2,897,799
7,912,000
-5,014,201
-63.4
126,243,336
108,300,000
17,943,336
16.6
Misc. Taxes
9,042,853
12,154,000
-3,111,147
-25.6
100,703,541
103,525,000
-2,821,459
-2.7
Total Net
$216,047,077
$220,588,000
-$4,540,923
-2.1

$2,423,817,965

$2,334,854,000
$88,963,965
3.8
*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.