FOR IMMEDIATE RELEASE:
May 11, 2015

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

General Fund Receipts — April 2015

LINCOLN — April Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reported that gross General Fund receipts for April were $653 million, which is 3.1% above the certified forecast of $633 million.

• Gross Sales and Use:
    2.5% above forecast
• Gross Individual Income:
    1.6% above forecast
• Gross Corporate Income:
  10.6% below forecast
• Gross Miscellaneous:
  39.6% above forecast

April Tax Refunds: Tax refunds for April were $118 million, which is 2.1% below the certified forecast of $121 million.


April Net Receipts: Net receipts for April were $535 million, which is 4.3% above the certified forecast of $512 million.

• Net Sales and Use:
    4.2% above forecast
• Net Individual Income:
    1.9% above forecast
• Net Corporate Income:
    6.9% below forecast
• Net Miscellaneous:
  39.6% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-15 were $3.537 billion, which is 2.5% above the certified forecast of $3.450 billion.

• Net Sales and Use:
    1.1% above forecast
• Net Individual Income:
    0.1% below forecast
• Net Corporate Income:
  32.6% above forecast
• Net Miscellaneous:
    3.5% above 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 April 30, 2015, the Board met and revised the forecast for the current fiscal year upward by $75 million to $4.295 billion, compared to the certified forecast. 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
April 534,565,192 512,285,881 22,279,311 4.3 3,536,626,122 3,450,206,461 86,419,661 2.5

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

 

April
Actual

April
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$181,843,543 $177,438,482 $ 4,405,061 2.5 $1,741,929,140 $1,762,042,322 -$20,113,182 -1.1
Ind. Income Tax
399,367,029
393,103,664
6,263,366
1.6
2,125,413,499
2,118,621,054
6,792,444
0.3
Corp. Income Tax
28,218,291
31,576,458
-3,358,167
-10.6
307,194,162
249,296,936
57,897,226
23.2
Misc. Taxes
43,607,032
31,238,845
12,368,187 39.6
175,248,117
169,281,328
5,966,789
3.5
Total Gross
$653,035,895
$633,357,448
$19,678,447
3.1
$4,349,784,918
$4,299,241,640
$50,543,277 1.2
Refunds
Total Refunds

$118,470,703

$121,071,566
-$2,600,864
-2.1
$813,158,796
$849,035,180
-$35,876,384
-4.2
Net Receipts
Sales & Use Tax
$143,952,356
$138,089,833
$ 5,862,523
4.2
$1,309,243,366
$1,294,729,964
$14,513,402
1.1
Ind. Income Tax
320,616,684
314,631,778
5,984,906
1.9
1,773,657,187
1,776,280,762
-2,623,575
-0.1
Corp. Income Tax
26,389,494
28,331,971
-1,942,477
-6.9
278,528,930
209,981,744
68,547,185
32.6
Misc. Taxes
43,606,658
31,232,299
12,374,358
39.6
175,196,639
169,213,990
5,982,648
3.5
Total Net
$534,565,192
$512,285,881
$22,279,311
4.3

$3,536,626,122

$3,450,206,461
$86,419,661
2.5


*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.