FOR IMMEDIATE RELEASE:
April 10, 2013

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604

General Fund Receipts — March 2013

LINCOLN — March Gross Receipts: Tax Commissioner Doug Ewald reported Wednesday day that gross General Fund receipts for March were $401 million, which is 1.5% below the certified forecast of $408 million.

• Gross Sales and Use:
    1.1% below forecast
• Gross Individual Income:
    7.3% below forecast
• Gross Corporate Income:
  26.0% above forecast
• Gross Miscellaneous:
  14.7% below forecast

March Tax Refunds: Tax refunds for March were $128 million, which is 10.8% above the certified forecast of $115 million.

March Net Receipts: Net receipts for March were $273 million, which is 6.4% below the certified forecast of $292 million.

• Net Sales and Use:
    1.3% above forecast
• Net Individual Income:
  25.5% below forecast
• Net Corporate Income:
  25.2% above forecast
• Net Miscellaneous:
  14.7% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $2.697 billion, which is 2.7% above the certified forecast of $2.627 billion.

• Net Sales and Use:
    0.2% below forecast
• Net Individual Income:
    4.0% above forecast
• Net Corporate Income:
  19.2% above forecast
• Net Miscellaneous:
    5.1% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012. On February 28, 2013, the Nebraska Economic Forecasting Advisory Board met and revised the forecast for the current year upward by $110.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are based on the forecast certified on July 16, 2012.

Previous monthly press releases are 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 2012-2013*

 

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
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
-1.2
556,490,810
548,893,000
7,597,810
1.4
September 393,941,658 365,444,000 28,517,658 7.8 950,432,468 914,337,000 36,115,468 3.9
October 228,084,028 228,569,000 -484,972 -0.2 1,178,516,496 1,142,906,000 35,610,496 3.1
November 315,022,112 312,379,000 2,643,112 0.8 1,493,538,608 1,455,285,000 38,253,608 2.6
December 362,482,965 321,723,000 40,759,965 12.7 1,856,021,573 1,777,008,000 79,013,573 4.4
January 350,993,211 337,258,000 13,735,211 4.1 2,207,770,887 2,114,266,000 93,504,887 4.4
February 216,047,077 220,588,000 -4,540,923 -2.1 2,423,817,965 2,334,854,000 88,963,965 3.8
March 273,456,199 292,117,000 -18,660,801 -6.4 2,697,274,163 2,626,971,000 70,303,163 2.7

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2013 and Cumulative Fiscal Year 2012-2013*

  MARCH
ACTUAL
MARCH
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$141,474,746
$143,115,000
-$ 1,640,254
-1.1
$1,454,958,488
$1,427,233,000
$ 27,725,488
1.9
Ind. Income Tax
175,353,682
189,187,000
-13,833,318
-7.3
1,563,863,093
1,507,362,000
56,501,093
3.7
Corp. Income Tax
62,960,902
49,964,000
12,996,902
26.0
223,587,916
195,867,000
27,720,916
14.2
Misc. Taxes
21,601,052
25,310,000
-3,708,948
-14.7
122,340,318
128,943,000
-6,602,682
-5.1
Total Gross
$401,390,382 $407,576,000 -$ 6,185,618 -1.5 $3,364,749,815 $3,259,402,000 $105,347,815 3.2
REFUNDS
Total Refunds
$127,934,183 $115,458,000 $12,476,183 10.8 $667,475,652 $632,433,000 $35,042,652 5.5
NET RECEIPTS
Sales & Use Tax
$109,637,960
$108,208,000
$ 1,429,960
1.3
$1,101,572,538
$1,103,850,000
-$ 2,277,462
-0.2
Ind. Income Tax
82,712,851
111,065,000
-28,352,149
-25.5
1,287,649,360
1,238,447,000
49,202,360
4.0
Corp. Income Tax
59,523,899
47,544,000
11,979,899
25.2
185,767,235
155,844,000
29,923,235
19.2
Misc. Taxes
21,581,489
25,300,000
-3,718,511
-14.7
122,285,031
128,825,000
-6,539,969
-5.1
Total Net
$273,456,199
$292,117,000
-$18,660,801
-6.4

$2,697,274,163

$2,626,971,000
$70,303,163
2.7
*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.