FOR IMMEDIATE RELEASE

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

General Fund Receipts — February 2017

MARCH 15, 2017 (LINCOLN, NEB.) —February Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for February were $458 million, which is equal to the certified forecast of $458 million.

• Gross Sales and Use:
equals forecast1
• Gross Individual Income:
equals forecast
• Gross Corporate Income:
equals forecast
• Gross Miscellaneous:
equals forecast

February Tax Refunds: Tax refunds for February were $191 million, which is equal to the certified forecast of $191 million.

February Net Receipts: Net receipts for February were $267 million, which is equal to the certified forecast of $267 million.

• Net Sales and Use:
equals forecast
• Net Individual Income:
equals forecast
• Net Corporate Income:
equals forecast
• Net Miscellaneous:
equals forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $2.660 billion, which is equal to the certified forecast of $2.660 billion.

• Net Sales and Use:
equals forecast
• Net Individual Income:
equals forecast
• Net Corporate Income:
equals forecast
• Net Miscellaneous:
equals forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 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 March 9, 2017. At the February 27, 2017 meeting, the Board revised the forecast for the current fiscal year downward by $80 million to $4.315 billion, in comparison to the October 28, 2016 forecast. By law, downward revisions to the forecast are recertified.

1The comparisons in this report are to the recertified forecast, which uses February’s actual receipts. There is, therefore, no discrepancy between actual and forecasted receipts.

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

##

Nebraska Department of Revenue

Policy Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2016-2017*

 

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 $234,585,213 $234,585,213 $0 0.0 $234,585,213 $234,585,213 $0 0.0
August 410,484,016 410,484,016 0 0.0 645,069,230 645,069,230 0 0.0
September 437,022,598 437,022,598 0 0.0 1,082,091,827 1,082,091,827 0 0.0
October 233,404,182 233,404,182 0 0.0 1,315,496,010 1,315,496,010 0 0.0
November 358,594,439 358,594,439 0 0.0 1,674,090,448 1,674,090,448 0 0.0
December 342,069,150 342,069,150 0 0.0 2,016,159,598 2,016,159,598 0 0.0
January 376,472,404 376,472,404 0 0.0 2,392,632,002 2,392,632,002 0 0.0
February 267,168,525 267,168,525 0 0.0 2,659,800,527 2,659,800,527 0 0.0

Comparison of Actual and Projected General Fund Receipts by Tax Type
for February 2017 and Cumulative Fiscal Year 2016-2017*

 

February
Actual

February
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$158,263,015 $158,263,015 $ 0 0.0 $1,470,149,807 $1,470,149,807 $0 0.0
Ind. Income Tax
283,484,986 283,484,986 0 0.0 1,588,343,444 1,588,343,444 0 0.0
Corp. Income Tax
7,239,237 7,239,237 0 0.0 153,856,088 153,856,088 0 0.0
Misc. Taxes
8,877,285 8,877,285 0 0.0 115,586,572 115,586,572 0 0.0
Total Gross
$457,864,523 $457,864,523 $0 0.0 $3,327,935,911 $3,327,935,911 $0 0.0
Refunds
Total Refunds
$190,695,998 $190,695,998 $0 0.0 $668,135,384 $668,135,384 $0 0.0
Net Receipts
Sales & Use Tax
$102,910,522 $102,910,522 $0 0.0 $1,040,593,293 $1,040,593,293 $0 0.0
Ind. Income Tax
151,521,376 151,521,376 0 0.0 1,395,994,270 1,395,994,270 0 0.0
Corp. Income Tax
3,859,417 3,859,417 0 0.0 107,628,386 107,628,386 0 0.0
Misc. Taxes
8,877,210 8,877,210 0 0.0 115,584,579 115,584,579 0 0.0
Total Net
$267,168,525 $267,168,525 $0 0.0 $2,659,800,527 2,659,800,527 $0 0.0


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October, 2016 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 9, 2016.