FOR IMMEDIATE RELEASE

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

General Fund Receipts — February 2019

MARCH 15, 2019 (LINCOLN, NEB.) — February Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for February were $498 million, which is equal to the certified forecast of $498 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 $201 million, which is equal to the certified forecast of $201 million.

February Net Receipts: Net receipts for February were $296 million, which is equal to the certified forecast of $296 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 2018-19 were $2.924 billion, which is equal to the certified forecast of $2.924 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 28, 2019. 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 13, 2019. At the February 28, 2019 meeting, the Board revised the forecast for the current fiscal year downward by $80 million to $4.720 billion, in comparison to the October 26, 2018 forecast.

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

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.

##

Nebraska Department of Revenue

Administrative Services Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2018-2019*

 

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 $279,849,780 $279,849,780 $0 0.0 $279,849,780 $279,849,780 $0 0.0
August 422,129,588 422,129,588 0 0.0 701,979,368 701,979,368 0 0.0
September 510,217,946 510,217,946 0 0.0 1,212,197,313 1,212,197,313 0 0.0
October 247,188,116 247,188,116 0 0.0 1,459,385,429 1,459,385,429 0 0.0
November 390,491,204 390,491,204 0 0.0 1,849,876,634 1,849,876,634 0 0.0
December 387,480,225 387,480,225 0 0.0 2,237,356,858 2,237,356,858 0 0.0
January 389,711,888 389,711,888 0 0.0 2,627,068,746 2,627,068,746 0 0.0
February 296,444,299 296,444,299 0 0.0 2,923,513,045 2,923,513,045 0 0.0

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for February 2019 and Cumulative Fiscal Year 2018-2019*

 

February
Actual

February**
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$179,287,350 $179,287,350 $0 0.0 $1,574,507,192 $1,574,507,192 $0 0.0
Ind. Income Tax
298,774,299 298,774,299 0 0.0 1,716,771,243 1,716,771,243 0 0.0
Corp. Income Tax
7,767,163 7,767,163 0 0.0 213,626,812 213,626,812 0 0.0
Misc. Taxes
11,793,823 11,793,823 0 0.0 124,599,778 124,599,778 0 0.0
Total Gross
$497,622,635 $497,622,635 $0 0.0 $3,629,505,025 $3,629,505,025 $0 0.0
Refunds
Total Refunds
$201,178,336 $201,178,336 $0 0.0 $705,991,981 $705,991,981 $0 0.0
Net Receipts
Sales & Use Tax
$119,895,911 $119,895,911 $0 0.0 $1,110,266,020 $1,110,266,020 $0 0.0
Ind. Income Tax
159,689,819 159,689,819 0 0.0 1,506,874,193 1,506,874,193 0 0.0
Corp. Income Tax
5,066,782 5,066,782 0 0.0 182,336,737 182,336,737 0 0.0
Misc. Taxes
11,791,786 11,791,786 0 0.0 124,036,095 124,036,095 0 0.0
Total Net
$296,444,299 $296,444,299 $0 0.0 $2,923,513,045 $2,923,513,045 $0 0.0

*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the February, 2019 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on March 13, 2019.