FOR IMMEDIATE RELEASE

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

General Fund Receipts — February 2018

March 15, 2018 (LINCOLN, NEB.) — February Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for February were $497 million, which is 2.0% above the certified forecast of $487 million.

• Gross Sales and Use:
     0.9% below forecast
• Gross Individual Income:
     2.8% above forecast
• Gross Corporate Income:
  26.1% above forecast
• Gross Miscellaneous:
    6.9% above forecast

February Tax Refunds: Tax refunds for February were $200 million, which is 2.4% above the certified forecast of $196 million.

February Net Receipts
: Net receipts for February were $296 million, which is 1.8% above the certified forecast of $291 million.

• Net Sales and Use:
    1.4% below forecast
• Net Individual Income:
    1.1% above forecast
• Net Corporate Income:
  98.6% above forecast
• Net Miscellaneous:
     7.1% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $2.881 billion, which is 2.9% above the certified forecast of $2.800 billion.

• Net Sales and Use:
    0.5% above forecast
• Net Individual Income:
    5.0% above forecast
• Net Corporate Income:
    4.7% above forecast
• Net Miscellaneous:
    1.8% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 27, 2017. At this meeting, the NEFAB reduced the FY 2017-18 forecast by $100 million. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on November 13, 2017. At the February 28, 2018 meeting, the Board revised the forecast for the current fiscal year upward by $25 million to $4.530 billion. By law, only downward revisions to the forecast are recertified, so the comparisons made in this release are still based on the forecast certified on November 13, 2017.

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 2017-2018*

 

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 $267,909,749 $267,909,749 $0 0.0 $267,909,749 $267,909,749 $0 0.0
August 405,007,342 405,007,342 0 0.0 672,917,091 672,917,091 0 0.0
September 456,056,442 456,056,442 0 0.0 1,128,973,533 1,128,973,533 0 0.0
October 244,584,930 244,584,930 0 0.0 1,373,558,463 1,373,558,463 0 0.0
November 375,539,555 377,700,612 -2,161,056 -0.6 1,749,098,018 1,751,259,074 -2,161,056 -0.1
December 414,747,893 378,082,263 36,665,630 9.7 2,163,845,911 2,129,341,338 34,504,573 1.6
January 421,100,753 379,049,306 42,051,447 11.1 2,584,946,664 2,508,390,644 76,556,020 3.1
February 296,461,256 291,345,813 5,115,443 1.8 2,881,407,921 2,799,736,457 81,671,463 2.9

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for February 2018 and Cumulative Fiscal Year 2017-2018*

 

February
Actual

February
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$168,451,081 $169,915,323 -$1,464,242 -0.9 $1,503,277,279 $1,512,395,875 -$ 9,118,596 -0.6
Ind. Income Tax
304,288,169 296,116,842 8,171,327 2.8 1,701,418,049 1,624,797,476 76,620,573 4.7
Corp. Income Tax
11,220,797 8,896,827 2,323,970 26.1 184,885,496 179,920,720 4,964,775 2.8
Misc. Taxes
12,909,066 12,077,254 831,812 6.9 139,199,580 141,759,791 -2,560,211 -1.8
Total Gross
$496,869,113
$487,006,247
$9,862,866
2.0
$3,528,780,403
$3,458,873,862
$69,906,541
2.0
Refunds
Total Refunds
$200,407,856
$195,660,433
$4,747,423
2.4
$647,372,483
$659,137,405
-$11,764,922
-1.8
Net Receipts
Sales & Use Tax
$109,081,773 $110,661,161 -$1,579,387 -1.4 $1,096,719,530 $1,090,975,443 $ 5,744,087 0.5
Ind. Income Tax
166,389,249 164,560,954 1,828,295 1.1 1,495,151,954 1,423,469,822 71,682,131 5.0
Corp. Income Tax
8,082,845 4,069,808 4,013,037 98.6 150,867,363 144,123,510 6,743,852 4.7
Misc. Taxes
12,907,389 12,053,891 853,498 7.1 138,669,074 141,167,681 -2,498,607 -1.8
Total Net
$296,461,256
$291,345,813 $5,115,443
1.8
$2,881,407,921
$2,799,736,457
$81,671,463
2.9

*Totals may not add due to rounding.