FOR IMMEDIATE RELEASE

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

General Fund Receipts — April 2018

MAY 15, 2018 (LINCOLN, NEB.) — April Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for April were $650 million, which is 1.6% above the certified forecast of $639 million..

• Gross Sales and Use:
    1.7% below forecast
• Gross Individual Income:
    2.2% below forecast
• Gross Corporate Income:
  24.0% above forecast
• Gross Miscellaneous:
  35.4% above forecast

April Tax Refunds: Tax refunds for April were $135.5 million, which is 0.4% below the certified forecast of $136 million.

April Net Receipts: Net receipts for April were $514 million, which is 2.2% above the certified forecast of $503 million

• Net Sales and Use:
    1.2% below forecast
• Net Individual Income:
    3.6% below forecast
• Net Corporate Income:
  28.2% above forecast
• Net Miscellaneous:
  35.4% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $3.701 billion, which is 1.7% above the certified forecast of $3.641 billion.

• Net Sales and Use:
    0.5% below forecast
• Net Individual Income:
    3.1% above forecast
• Net Corporate Income:
    1.0% 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 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.

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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
April 514,218,591 503,317,727 10,900,864 2.2 3,701,156,074 3,640,522,232 60,633,842 1.7

 

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

 

April
Actual

April
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$188,200,370 $191,538,371 -$ 3,338,001 -1.7 $1,852,069,947 $1,873,560,010 -$21,490,063 -1.1
Ind. Income Tax
362,921,792 371,127,898 -8,206,106 -2.2 2,297,013,631 2,235,902,353 61,111,279 2.7
Corp. Income Tax
57,132,894 46,087,010 11,045,885 24.0 273,557,017 276,821,458 -3,264,441 -1.2
Misc. Taxes
41,464,121 30,621,091 10,843,030 35.4 209,964,204 202,925,828 7,038,375 3.5
Total Gross
$649,719,177
$639,374,369
$10,344,808
1.6
$4,632,604,799
$4,589,209,648
$43,395,151
0.9
Refunds
Total Refunds
$135,500,586
$136,056,642
-$556,056
-0.4
$931,448,725
$948,687,416
-$17,238,692
-1.8
Net Receipts
Sales & Use Tax
$142,719,807 $144,391,794 -$ 1,671,987 -1.2 $1,351,838,417 $1,358,512,596 -$ 6,674,179 -0.5
Ind. Income Tax
275,914,025 286,079,464 -10,165,439 -3.6 1,905,057,423 1,847,249,662 57,807,761 3.1
Corp. Income Tax
54,127,735 42,234,208 11,893,527 28.2 234,835,925 232,442,226 2,393,699 1.0
Misc. Taxes
41,457,024 30,612,262 10,844,763 35.4 209,424,309 202,317,748 7,106,561 3.5
Total Net
$514,218,591
$503,317,727 $10,900,864
2.2
$3,701,156,074
$3,640,522,232
$60,633,842
1.7

*Totals may not add due to rounding.