FOR IMMEDIATE RELEASE:
April 8, 2010

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700

GENERAL FUND RECEIPTS — MARCH 2010

LINCOLN — March Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for March were $362 million, which is 0.9% above the recertified forecast of $359 million.

• Gross Sales and Use:     4.8% below forecast
• Gross Individual Income:     0.9% above forecast
• Gross Corporate Income:   17.2% above forecast
• Gross Miscellaneous:     7.3% above forecast

March Tax Refunds: Tax refunds for March were $130 million, which is 2.1% above the recertified forecast of $127 million.

March Net Receipts: Net receipts for March were $233 million, which is 0.2% above the recertified forecast of $232 million.

• Net Sales and Use:     2.8% below forecast
• Net Individual Income:     2.3% below forecast
• Net Corporate Income:     8.9% above forecast
• Net Miscellaneous:     7.3% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $2,294 million, which is 0.2% below the recertified forecast of $2,298 million.

• Net Sales and Use:     0.8% below forecast
• Net Individual Income:     0.3% below forecast
• Net Corporate Income:     4.5% above forecast
• Net Miscellaneous:     1.1% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. At this meeting, the Forecasting Board revised downward its October 2009 forecast of General Fund revenue for FY2009-10 by $40.3 million. As required by law, the forecast was recertified. The Board’s forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on March 8, 2010. Receipts in this forecast are compared to the March recertified forecast.

Previous monthly press releases are found 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 2009-2010*

 

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
$197,807,239
$197,807,239
0
0.0
$ 197,807,239
$ 197,807,239
0
0.0
August
304,152,215
304,152,215
0
0.0
501,959,454
501,959,454
0
0.0
September
316,998,914
316,998,914
0
0.0
818,958,368
818,958,368
0
0.0
October
193,978,280
193,978,280
0
0.0
1,012,936,649
1,012,936,649
0
0.0
November
278,753,945
278,753,945
0
0.0
1,291,690,594
1,291,690,594
0
0.0
December
288,185,977
288,185,977
0
0.0
1,579,876,570
1,579,876,570
0
0.0
January
280,299,871
280,299,871
0
0.0
1,860,176,441
1,860,176,441
0
0.0
February
201,042,477
205,644,000
-4,601,523
-2.2
2,061,218,918
2,065,820,441
-4,601,523
-0.2
March 232,572,326 232,104,000 468,326 0.2 2,293,791,244 2,297,924,441 -4,133,197 -0.2

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2010 and Cumulative Fiscal Year 2009-2010*

  MARCH
ACTUAL
MARCH
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$132,053,519
$138,659,000
-$6,605,481
-4.8
$1,253,848,023
$1,269,186,138
-$15,338,115
-1.2
Ind. Income Tax
157,786,832
156,356,000
1,430,832
0.9
1,308,830,670
1,308,595,890
234,780
0.0
Corp. Income Tax
43,576,959
37,194,000
6,382,959
17.2
157,844,751
152,045,333
5,799,419
3.8
Misc. Taxes
29,006,149
27,043,000
1,963,149
7.3
168,362,427
166,607,998
1,754,429
1.1
Total Gross
$362,423,458 $359,252,000 $3,171,458 0.9 $2,888,885,871 $2,896,434,359 -$ 7,548,488 -0.3
REFUNDS
Total Refunds
$129,851,132 $127,149,000 $2,702,132 2.1 $595,094,627 $598,509,918 -$3,415,291 -0.6
NET RECEIPTS
Sales & Use Tax
$102,223,386
$105,155,000
-$2,931,614
-2.8
$966,708,325
$974,143,849
-$7,435,524
-0.8
Ind. Income Tax
65,049,803
66,589,000
-1,539,197
-2.3
1,048,158,181
1,051,397,089
-3,238,908
-0.3
Corp. Income Tax
36,300,325
33,325,000
2,975,325
8.9
110,579,256
105,856,413
4,722,843
4.5
Misc. Taxes
28,998,812
27,035,000
1,963,812
7.3
168,345,482
166,527,090
1,818,392
-1.1
Total Net
$232,572,326
$232,104,000
$ 468,326
0.2

$2,293,791,244

$2,297,924,441
-$ 4,133,197
-0.2

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 26, 2010 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on March 8, 2010.