FOR IMMEDIATE RELEASE

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

General Fund Receipts — April 2017

MAY 10, 2017 (LINCOLN, NEB.) — April Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for April were $607 million, which is 11.4% below the certified forecast of $685 million.

• Gross Sales and Use:
    4.6% below forecast
• Gross Individual Income:
  17.1% below forecast
• Gross Corporate Income:
    6.4% below forecast
• Gross Miscellaneous:
  10.2% above forecast

April Tax Refunds: Tax refunds for April were $129 million, which is 14.8% below the certified forecast of $152 million.

April Net Receipts: Net receipts for April were $478 million, which is 10.4% below the certified forecast of $533 million.

• Net Sales and Use:
    3.2% below forecast
• Net Individual Income:
  18.2% below forecast
• Net Corporate Income:
    2.2% above forecast
• Net Miscellaneous:
  10.2% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $3.464 billion, which is 0.9% below the certified forecast of $3.496 billion.

• Net Sales and Use:
    0.9% below forecast
• Net Individual Income:
    2.4% below forecast
• Net Corporate Income:
    9.0% above forecast
• Net Miscellaneous:
    5.0% 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 April 26, 2017 meeting, the Board revised the forecast for the current fiscal year downward by $15 million, to 4.300 billion, in comparison to the February 27, 2017 forecast. Since the April 26, 2017 forecast is a downward revision, the forecast will need to be recertified and will be used for comparison to the May 2017 General Fund Receipts report.

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
April 477,844,852 533,348,408 -55,503,555 -10.4  3,464,438,436 3,495,898,915 -31,460,479 -0.9

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

 

April
Actual

April
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$182,282,301 $191,132,859 -$ 8,850,558 -4.6 $1,811,574,573 $1,831,032,153 -$19,457,580 -1.1
Ind. Income Tax
334,568,524 403,534,478 -68,965,954 -17.1 2,165,742,225 2,220,943,669 -55,201,444 -2.5
Corp. Income Tax
53,196,994 56,825,429 -3,628,435 -6.4 250,055,860 241,676,118 8,379,742 3.5
Misc. Taxes
37,164,107 33,723,286 3,440,821 10.2 183,528,706 174,764,493 8,764,213 5.0
Total Gross
$607,211,926 $685,216,052 -$78,004,126 -11.4 $4,410,901,364 $4,468,416,433 -$57,515,070 -1.3
Refunds
Total Refunds
$129,367,073 $151,867,645 -$22,500,571 -14.8 $946,462,928 $972,517,519 -$26,054,591 -2.7
Net Receipts
Sales & Use Tax
$140,241,030 $144,857,357 -$ 4,616,327 -3.2 $1,297,172,211 $1,309,542,518 -$12,370,307 -0.9
Ind. Income Tax
248,917,391 304,371,157 -55,453,765 -18.2 1,783,807,160 1,828,175,869 -44,368,709 -2.4
Corp. Income Tax
51,522,325 50,404,868 1,117,457 2.2 199,932,532 183,435,933 16,496,599 9.0
Misc. Taxes
37,164,107 33,715,026 3,449,081 10.2 183,526,532 174,744,595 8,781,938 5.0
Total Net
$477,844,852 $533,348,408 -$55,503,555 -10.4 $3,464,438,436 $3,495,898,915 -$31,460,479 -0.9


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February, 2017 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on March 9, 2017.