FOR IMMEDIATE RELEASE

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

General Fund Receipts — March 2017

APRIL 14, 2017 (LINCOLN, NEB.) — March Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for March were $476 million, which is 4.5% above the certified forecast of $455 million.

• Gross Sales and Use:
    6.2% below forecast
• Gross Individual Income:1
    6.0% above forecast
• Gross Corporate Income:
  38.7% above forecast
• Gross Miscellaneous:
  20.9% above forecast

March Tax Refunds: Tax refunds for March were $149 million, which is 2.3% below the certified forecast of $153 million.

March Net Receipts: Net receipts for March were $327 million, which is 7.9% above the certified forecast of $303 million.

• Net Sales and Use:
    6.2% below forecast
• Net Individual Income:1
    8.7% above forecast
• Net Corporate Income:
  60.5% above forecast
• Net Miscellaneous:
  21.0% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $2.987 billion, which is 0.8% above the certified forecast of $2.963 billion.

• Net Sales and Use:
    0.7% below forecast
• Net Individual Income:
    0.7% above forecast
• Net Corporate Income:
  11.6% above forecast
• Net Miscellaneous:
    3.8% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 27, 2017. 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 9, 2017. At the February 27, 2017 meeting, the Board revised the forecast for the current fiscal year downward by $80 million to $4.315 billion, in comparison to the October 28, 2016 forecast. By law, downward revisions to the forecast are recertified.

1March individual income tax receipts include a one-time upward reporting adjustment of $16 million.

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

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Nebraska Department of Revenue

Policy Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2016-2017*

 

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 $234,585,213 $234,585,213 $0 0.0 $234,585,213 $234,585,213 $0 0.0
August 410,484,016 410,484,016 0 0.0 645,069,230 645,069,230 0 0.0
September 437,022,598 437,022,598 0 0.0 1,082,091,827 1,082,091,827 0 0.0
October 233,404,182 233,404,182 0 0.0 1,315,496,010 1,315,496,010 0 0.0
November 358,594,439 358,594,439 0 0.0 1,674,090,448 1,674,090,448 0 0.0
December 342,069,150 342,069,150 0 0.0 2,016,159,598 2,016,159,598 0 0.0
January 376,472,404 376,472,404 0 0.0 2,392,632,002 2,392,632,002 0 0.0
February 267,168,525 267,168,525 0 0.0 2,659,800,527 2,659,800,527 0 0.0
March 326,793,056 302,750,370 24,042,686 7.9 2,986,593,583 2,962,550,507 24,043,076 0.8

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2017 and Cumulative Fiscal Year 2016-2017*

 

March
Actual

March
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$159,142,465 $169,749,495 -$10,607,029 -6.2 $1,629,292,272 $1,639,899,295 -$10,607,022 -0.6
Ind. Income Tax***
242,830,256 229,065,751 13,764,505 6.0 1,831,173,701 1,817,409,191 13,764,510 0.8
Corp. Income Tax
43,002,778 30,994,589 12,008,189 38.7 196,858,866 184,850,689 12,008,177 6.5
Misc. Taxes
30,778,027 25,454,647 5,323,380 20.9 146,364,599 141,041,207 5,323,392 3.8
Total Gross
$475,753,527 $455,264,481 $20,489,046 4.5 $3,803,689,438 $3,783,200,381 $20,489,057 0.5
Refunds
Total Refunds
$148,960,471 $152,514,111 -$3,553,641 -2.3 $817,095,854 $820,649,874 -$3,554,020 -0.4
Net Receipts
Sales & Use Tax
$116,337,888 $124,092,251 -$ 7,754,362 -6.2 $1,156,931,181 $1,164,685,161 -$ 7,753,979 -0.7
Ind. Income Tax***
138,895,499 127,810,453 11,085,047 8.7 1,534,889,769 1,523,804,713 11,085,056 0.7
Corp. Income Tax
40,781,822 25,402,666 15,379,156 60.5 148,410,208 133,031,066 15,379,142 11.6
Misc. Taxes
30,777,847 25,445,001 5,332,845 21.0 146,362,425 141,029,568 5,332,857 3.8
Total Net
$326,793,056 $302,750,370 $24,042,686 7.9 $2,986,593,583 $2,962,550,507 $24,043,076 0.8


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October, 2016 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 9, 2016.

***March individual income tax receipts include a one-time upward reporting adjustment of $16 million.