FOR IMMEDIATE RELEASE:
March 10, 2015

FOR INFORMATION CONTACT:
Leonard J. Sloup, Acting Tax Commissioner
402-471-5604

General Fund Receipts — February 2015

LINCOLN — February Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reported that gross General Fund receipts for February were $455 million, which is 1.7% above the certified forecast of $447 million.

• Gross Sales and Use:
    0.4% below forecast
• Gross Individual Income:
    0.9% above forecast
• Gross Corporate Income:
    0.3% above forecast
• Gross Miscellaneous:
  70.5% above forecast

February Tax Refunds: Tax refunds for February were $171 million, which is 9.1% below the certified forecast of $188 million.

February Net Receipts: Net receipts for February were $284 million, which is 9.6% above the certified forecast of $260 million.

• Net Sales and Use:
    0.9% above forecast
• Net Individual Income:
  11.9% above forecast
• Net Corporate Income:
  23.0% above forecast
• Net Miscellaneous:
  70.6% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-15 were $2.656 billion, which is 2.3% above the certified forecast of $2.596 billion.

• Net Sales and Use:
    1.6% above forecast
• Net Individual Income:
    1.2% below forecast
• Net Corporate Income:
  49.9% above forecast
• Net Miscellaneous:
    5.0% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2014. This forecast was adjusted for legislation passed in 2014, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2014. On February 27, 2015, the Board met and revised the forecast for the current fiscal year upward by $63 million compared to the certified forecast, to $4.283 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 11, 2014.

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

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APPROVED:
Leonard J. Sloup
Acting Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2014-2015*

 

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
$241,017,843
$241,911,580
-$ 893,737
-0.4
$241,017,843
$241,911,580
-$  893,737
-0.4
August
354,034,166
351,452,296
2,581,869
0.7
595,052,008
593,363,876
1,688,132
0.3
September
463,293,528 427,835,405 35,458,123 8.3 1,058,345,537 1,021,199,282 37,146,255 3.6
October
222,458,009 244,313,476 -21,855,467 -8.9 1,280,803,546 1,265,512,758 15,290,788 1.2
November
342,333,466 334,625,141 7,708,325 2.3 1,623,137,012 1,600,137,898 22,999,113 1.4
December
400,121,553 368,003,485 32,118,067 8.7 2,023,258,565 1,968,141,384 55,117,181 2.8
January
348,079,334 368,452,333 -20,372,999 -5.5 2,371,337,899 2,336,593,717 34,744,182 1.5
February 284,440,044 259,601,889 24,838,155 9.6 2,655,777,942 2,596,195,606 59,582,337 2.3

Comparison of Actual and Projected General Fund Receipts by Tax Type
for February 2015 and Cumulative Fiscal Year 2014-2015*

 

February
Actual

February
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$159,374,964 $159,957,960 -$  582,997 -0.4 $1,410,241,526 $1,423,770,699 -$13,529,173 -1.0
Ind. Income Tax
269,607,923
267,292,355
2,315,569
0.9
1,488,310,484
1,497,419,666
-9,109,182
-0.6
Corp. Income Tax
11,686,103
11,655,917
30,187
0.3
216,054,391
161,067,723
54,986,668
34.1
Misc. Taxes
14,513,025
8,512,357
6,000,668 70.5
107,372,577
112,991,440
-5,618,863
-5.0
Total Gross
$455,182,015
$447,418,589
$7,763,427
1.7
$3,221,978,978
$3,195,249,527
$26,729,450 0.8
Refunds
Total Refunds

$170,741,972

$187,816,700
-$17,074,728
-9.1
$566,201,035
$599,053,922
-$32,852,886
-5.5
Net Receipts
Sales & Use Tax
$110,333,690
$109,315,503
$ 1,018,186
0.9
$1,052,474,650
$1,035,475,850
$16,998,801
1.6
Ind. Income Tax
149,791,632
133,808,242
15,983,390
11.9
1,303,649,930
1,319,498,605
-15,848,674
-1.2
Corp. Income Tax
9,801,981
7,970,383
1,831,599
23.0
192,327,404
128,284,265
64,043,139
49.9
Misc. Taxes
14,512,740
8,507,761
6,004,980
70.6
107,325,958
112,936,886
-5,610,928
-5.0
Total Net
$284,440,044
$259,601,889
$24,838,155
9.6

$2,655,777,942

$2,596,195,606
$59,582,337
2.3


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 28, 2014 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2014.