FOR IMMEDIATE RELEASE:
April 10, 2015

FOR INFORMATION CONTACT:
Leonard J. Sloup, Acting Tax Commissioner
402-471-5604

General Fund Receipts — March 2015

LINCOLN — March Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reported that gross General Fund receipts for March were $475 million, which is 0.9% above the certified forecast of $471 million.

• Gross Sales and Use:
    6.8% below forecast
• Gross Individual Income:
    4.2% above forecast
• Gross Corporate Income:
  11.1% above forecast
• Gross Miscellaneous:
    3.1% below forecast

March Tax Refunds: Tax refunds for March were $128 million, which is 0.3% below the certified forecast of $129 million.

March Net Receipts: Net receipts for March were $346 million, which is 1.3% above the certified forecast of $342 million.

• Net Sales and Use:
    6.9% below forecast
• Net Individual Income:
    5.1% above forecast
• Net Corporate Income:
  12.1% above forecast
• Net Miscellaneous:
    3.1% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-15 were $3.002 billion, which is 2.2% above the certified forecast of $2.938 billion.

• Net Sales and Use:
    0.7% above forecast
• Net Individual Income:
    0.6% below forecast
• Net Corporate Income:
  38.8% above forecast
• Net Miscellaneous:
    4.6% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2014. This forecast was adjusted for legislation passed in 2014, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2014. On February 27, 2015, the Board met and revised the forecast for the current fiscal year upward by $63 million to $4.283 billion. By law, only downward revisions to the forecast are certified, so the comparisons made in this release are still based on the forecast certified on July 11, 2014.

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

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APPROVED:
Leonard J. Sloup
Acting Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2014-2015*

 

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
$241,017,843
$241,911,580
-$ 893,737
-0.4
$241,017,843
$241,911,580
-$  893,737
-0.4
August
354,034,166
351,452,296
2,581,869
0.7
595,052,008
593,363,876
1,688,132
0.3
September
463,293,528 427,835,405 35,458,123 8.3 1,058,345,537 1,021,199,282 37,146,255 3.6
October
222,458,009 244,313,476 -21,855,467 -8.9 1,280,803,546 1,265,512,758 15,290,788 1.2
November
342,333,466 334,625,141 7,708,325 2.3 1,623,137,012 1,600,137,898 22,999,113 1.4
December
400,121,553 368,003,485 32,118,067 8.7 2,023,258,565 1,968,141,384 55,117,181 2.8
January
348,079,334 368,452,333 -20,372,999 -5.5 2,371,337,899 2,336,593,717 34,744,182 1.5
February 284,440,044 259,601,889 24,838,155 9.6 2,655,777,942 2,596,195,606 59,582,337 2.3
March 346,282,987 341,724,974 4,558,013 1.3 3,002,060,930 2,937,920,580 64,140,350 2.2

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2015 and Cumulative Fiscal Year 2014-2015*

 

March
Actual

March
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$149,844,071 $160,833,141 -$10,989,070 -6.8 $1,560,085,597 $1,584,603,841 -$24,518,243 -1.5
Ind. Income Tax
237,735,985
228,097,725
9,638,261
4.2
1,726,046,469
1,725,517,390
529,079
0.0
Corp. Income Tax
62,921,480
56,652,755
6,268,724
11.1
278,975,871
217,720,478
61,255,393
28.1
Misc. Taxes
24,268,509
25,051,044
-782,535 -3.1
131,641,085
138,042,484
-6,401,398
-4.6
Total Gross
$474,770,045
$470,634,665
$ 4,135,380
0.9
$3,696,749,023
$3,665,884,193
$30,864,830 0.8
Refunds
Total Refunds

$128,487,058

$128,909,691
-$422,634
-0.3
$694,688,093
$727,963,613
-$33,275,520
-4.6
Net Receipts
Sales & Use Tax
$112,816,360
$121,164,282
-$8,347,922
-6.9
$1,165,291,010
$1,156,640,131
$ 8,650,879
0.7
Ind. Income Tax
149,390,573
142,150,380
7,240,193
5.1
1,453,040,503
1,461,648,984
-8,608,481
-0.6
Corp. Income Tax
59,812,032
53,365,508
6,446,524
12.1
252,139,436
181,649,773
70,489,663
38.8
Misc. Taxes
24,264,023
25,044,805
-780,782
-3.1
131,589,981
137,981,691
-6,391,710
-4.6
Total Net
$346,282,987
$341,724,97
$4,558,013
1.3

$3,002,060,930

$2,937,920,580
$64,140,350
2.2


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 28, 2014 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2014.