FOR IMMEDIATE RELEASE:
April 10, 2012

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700

GENERAL FUND RECEIPTS — MARCH 2012

LINCOLN — March Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for March were $402 million, which is 3.2% above the certified forecast of $390 million.

• Gross Sales and Use:
   4.4% below forecast
• Gross Individual Income:
   8.1% above forecast
• Gross Corporate Income:
 11.2% above forecast
• Gross Miscellaneous:
   2.8% below forecast

March Tax Refunds: Tax refunds for March were $107 million, which is 15.8% below the certified forecast of $128 million.

March Net Receipts: Net receipts for March were $295 million, which is 12.4% above the certified forecast of $262 million.

• Net Sales and Use:
    3.8% below forecast
• Net Individual Income:
  34.6% above forecast
• Net Corporate Income:
  18.5% above forecast
• Net Miscellaneous:
    2.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $2,579 million, which is 2.7% above the certified forecast of $2,511 million.

• Net Sales and Use:
    0.5% above forecast
• Net Individual Income:
    3.4% above forecast
• Net Corporate Income:

  22.0% above forecast

• Net Miscellaneous:
    3.1% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. The forecasting board met again on February 24, 2012 and voted to retain the October forecast. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July, 12, 2011.

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

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2011-2012*

 

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
$200,410,336
$211,449,000
-$11,038,665
-5.2
$200,410,336
$211,449,000
-$11,038,665
-5.2
August
328,095,462
328,955,000
-859,538
-0.3
528,505,797
540,404,000
-11,898,203
-2.2
September
352,198,248
348,138,000
4,060,248
1.2
880,704,046
888,542,000
-7,837,954
-0.9
October
222,675,821
205,211,000
17,464,821
8.5
1,103,379,866
1,093,753,000
9,626,866
0.9
November
304,541,302
310,425,000
-5,883,698
-1.9
1,407,921,169
1,404,178,000
3,743,169
0.3
December
315,752,839
307,691,000
8,061,839
2.6
1,723,674,008
1,711,869,000
11,805,008
0.7
January
332,895,309
307,342,000
25,553,309
8.3
2,056,569,317
2,019,211,000
37,358,317
1.9
February 227,923,183 228,928,000 -1,004,817 -0.4 2,284,492,500 2,248,139,000 36,353,500 1.6
March 294,885,808 262,417,000 32,468,808 12.4 2,579,378,307 2,510,556,000 68,822,307 2.7

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2012 and Cumulative Fiscal Year 2011-2012*

  MARCH
ACTUAL
MARCH
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$134,431,998
$140,671,000
-$ 6,239,002
-4.4
$1,384,083,525
$1,382,283,000
$ 1,800,525
0.1
Ind. Income Tax
191,583,398
177,183,000
14,400,398
8.1
1,469,595,992
1,435,839,000
33,756,992
2.4
Corp. Income Tax
49,090,100
44,131,000
4,959,100
11.2
182,242,950
174,292,000
7,950,950
4.6
Misc. Taxes
27,267,389
28,053,000
-785,611
-2.8
137,149,856
141,581,000
-4,431,144
-3.1
Total Gross
$402,372,886 $390,037,000 $12,335,886 3.2 $3,173,072,323 $3,133,996,000 $39,076,323 1.2
REFUNDS
Total Refunds
$107,487,078 $127,620,000 -$20,132,922 -15.8 $593,694,016 $623,439,000 -$29,744,984 -4.8
NET RECEIPTS
Sales & Use Tax
$103,515,631
$107,605,000
-$ 4,089,369
-3.8
$1,071,637,903
$1,066,713,000
$ 4,924,903
0.5
Ind. Income Tax
116,331,547
86,452,000
29,879,547
34.6
1,212,720,575
1,172,946,000
39,774,575
3.4
Corp. Income Tax
47,771,471
40,310,000
7,461,471
18.5
157,896,791
129,392,000
28,504,791
22.0
Misc. Taxes
27,267,158
28,050,000
-782,842
-2.8
137,123,039
141,502,000
-4,378,961
-3.1
Total Net
$294,885,808
$262,417,000
$32,468,808
12.4

$2,579,378,307

$2,510,556,000
$68,822,307
2.7

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.