FOR IMMEDIATE RELEASE

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

General Fund Receipts — March 2018

April 13, 2018 (LINCOLN, NEB.) — March Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for March were $454 million, which is 7.5% below the certified forecast of $491 million.

• Gross Sales and Use:
    5.3% below forecast
• Gross Individual Income:
    3.0% below forecast
• Gross Corporate Income:
  37.9% below forecast
• Gross Miscellaneous:
    4.1% below forecast

March Tax Refunds: Tax refunds for March were $149 million, which is 3.2% below the certified forecast of $153 million.

March Net Receipts: Net receipts for March were $306 million, which is 9.5% below the certified forecast of $337 million.

• Net Sales and Use:
    8.7% below forecast
• Net Individual Income:
   2.7% below forecast
• Net Corporate Income:
  35.2% below forecast
• Net Miscellaneous:
     4.1% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $3.187 billion, which is 1.6% above the certified forecast of $3.137 billion.

• Net Sales and Use:
     0.4% below forecast
• Net Individual Income:
    4.4% above forecast
• Net Corporate Income:
    5.0% below forecast
• Net Miscellaneous:
    2.2% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 27, 2017. At this meeting, the NEFAB reduced the FY 2017-18 forecast by $100 million. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on November 13, 2017. At the February 28, 2018 meeting, the Board revised the forecast for the current fiscal year upward by $25 million to $4.530 billion. By law, only downward revisions to the forecast are recertified, so the comparisons made in this release are still based on the forecast certified on November 13, 2017.

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

##

Nebraska Department of Revenue

Administrative Services Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2017-2018*

 

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 $267,909,749 $267,909,749 $0 0.0 $267,909,749 $267,909,749 $0 0.0
August 405,007,342 405,007,342 0 0.0 672,917,091 672,917,091 0 0.0
September 456,056,442 456,056,442 0 0.0 1,128,973,533 1,128,973,533 0 0.0
October 244,584,930 244,584,930 0 0.0 1,373,558,463 1,373,558,463 0 0.0
November 375,539,555 377,700,612 -2,161,056 -0.6 1,749,098,018 1,751,259,074 -2,161,056 -0.1
December 414,747,893 378,082,263 36,665,630 9.7 2,163,845,911 2,129,341,338 34,504,573 1.6
January 421,100,753 379,049,306 42,051,447 11.1 2,584,946,664 2,508,390,644 76,556,020 3.1
February 296,461,256 291,345,813 5,115,443 1.8 2,881,407,921 2,799,736,457 81,671,463 2.9
March 305,529,563 337,468,048 -31,938,485 -9.5 3,186,937,483 3,137,204,505 49,732,978

1.6

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2018 and Cumulative Fiscal Year 2017-2018*

 

March
Actual

March
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$160,592,297 $169,625,763 -$ 9,033,466 -5.3 $1,663,869,576 $1,682,021,638 -$18,152,062 -1.1
Ind. Income Tax
232,673,791 239,976,979 -7,303,189 -3.0 1,934,091,840 1,864,774,455 69,317,384 3.7
Corp. Income Tax
31,538,627 50,813,728 -19,275,101 -37.9 216,424,122 230,734,448 -14,310,326 -6.2
Misc. Taxes
29,300,503 30,544,947 -1,244,443 -4.1 168,500,083 172,304,738 -3,804,654 -2.2
Total Gross
$454,105,218
$490,961,417
-$36,856,198
-7.5
$3,982,885,621
$3,949,835,279
$33,050,343
0.8
Refunds
Total Refunds
$148,575,656
$153,493,369
-$4,917,713
-3.2
$795,948,138
$812,630,774
-$16,682,636
-2.1
Net Receipts
Sales & Use Tax
$112,399,080 $123,145,359 -$10,746,279 -8.7 $1,209,118,610 $1,214,120,802 -$ 5,002,192 -0.4
Ind. Income Tax
133,991,444 137,700,376 -3,708,931 -2.7 1,629,143,398 1,561,170,198 67,973,200 4.4
Corp. Income Tax
29,840,828 46,084,508 -16,243,680 -35.2 180,708,190 190,208,018 -9,499,828 -5.0
Misc. Taxes
29,298,211 30,537,806 -1,239,595 -4.1 167,967,285 171,705,486 -3,738,202 -2.2
Total Net
$305,529,563
$337,468,048 -$31,938,485
-9.5
$3,186,937,483
$3,137,204,505
$49,732,978
1.6

*Totals may not add due to rounding.