FOR IMMEDIATE RELEASE:
May 10, 2013

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

General Fund Receipts — April 2013

LINCOLN — April Gross Receipts: Tax Commissioner Doug Ewald reported gross General Fund receipts for April were $741 million, which is 38.4% above the certified forecast of $536 million.

• Gross Sales and Use:
    1.7% above forecast
• Gross Individual Income:
  58.3% above forecast
• Gross Corporate Income:
  28.8% above forecast
• Gross Miscellaneous:
  38.8% above forecast

April Tax Refunds: Tax refunds for April were $116 million, which is 12.6% above the certified forecast of $103 million.

April Net Receipts: Net receipts for April were $626 million, which is 44.5% above the certified forecast of $433 million

• Net Sales and Use:
    2.2% above forecast
• Net Individual Income:
  69.2% above forecast
• Net Corporate Income:
  33.5% above forecast
• Net Miscellaneous:
  38.8% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $3.323 billion, which is 8.6% above the certified forecast of $3.06 billion.

• Net Sales and Use:
    0.0% above forecast
• Net Individual Income:
  14.8% above forecast
• Net Corporate Income:
  21.3% above forecast
• Net Miscellaneous:
    3.0% above 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 April 25, 2013, the Nebraska Economic Forecasting Advisory Board met and revised the forecast for the current year upward from the February 28, 2013 forecast of $3.878 billion to $4 billion. 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
April
625,588,045 432,937,000 192,651,045 44.5 3,322,862,208 3,059,908,000 262,954,208 8.6

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

  APRIL
ACTUAL
APRIL
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$166,684,512
$163,926,000
$  2,758,512
1.7
$1,621,643,000
$1,591,159,000
$ 30,484,000
1.9
Ind. Income Tax
498,206,683
314,693,000
183,513,683
58.3
2,062,069,777
1,822,055,000
240,014,777
13.2
Corp. Income Tax
35,961,198
27,923,000
8,038,198
28.8
259,549,114
223,790,000
35,759,114
16.0
Misc. Taxes
40,536,322
29,213,000
11,323,322 38.8
162,876,640
158,156,000
4,720,640
3.0
Total Gross
$741,388,716 $535,756,000 $205,632,716 38.4 $4,106,138,531 $3,795,158,000 $310,980,531 8.2
REFUNDS
Total Refunds
$115,800,671 $102,818,000 $12,982,671 12.6 $783,276,323 $735,251,000 $48,025,323 6.5
NET RECEIPTS
Sales & Use Tax
$135,218,305
$132,363,000
$  2,855,305
2.2
$1,236,790,843
$1,236,213,000
$    577,843
0.0
Ind. Income Tax
414,892,256
245,190,000
169,702,256
69.2
1,702,541,616
1,483,637,000
218,904,616
14.8
Corp. Income Tax
34,941,371
26,182,000
8,759,371
33.5
220,708,606
182,026,000
38,682,606
21.3
Misc. Taxes
40,536,112
29,202,000
11,334,112
38.8
162,821,143
158,027,000
4,794,143
3.0
Total Net
$625,588,045
$432,937,000
$192,651,045
44.5

$3,322,862,208

$3,059,908,000
$262,954,208
8.6
*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.