FOR IMMEDIATE RELEASE

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

General Fund Receipts —April 2019

MAY 15, 2019 (LINCOLN, NEB.) — April Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for April were $805 million, which is 10.9% above the certified forecast of $726 million.

• Gross Sales and Use:
     2.6% below forecast
• Gross Individual Income:
     4.8% above forecast
• Gross Corporate Income:
  96.1% above forecast
• Gross Miscellaneous:
  22.8% above forecast

April Tax Refunds: Tax refunds for April were $146 million, which is 4.7% below the certified forecast of $153 million.

April Net Receipts: Net receipts for April were $660 million, which is 15.1% above the certified forecast of $573 million.

• Net Sales and Use:
     3.9% above forecast
• Net Individual Income:
     6.0% above forecast
• Net Corporate Income:
  96.6% above forecast
• Net Miscellaneous:
  22.8% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2018-19 were $3.927 billion, which is 2.6% above the certified forecast of $3.829 billion.

• Net Sales and Use:
     0.4% above forecast
• Net Individual Income:
     1.2% above forecast
• Net Corporate Income:
  23.8% 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 28, 2019. 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 13, 2019. At the April 25, 2019 meeting, the Board revised the forecast for the current fiscal year upward by $45 million to $4.765 billion, compared to the certified forecast. 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 March 13, 2019.

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 2018-2019*

 

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 $279,849,780 $279,849,780 $0 0.0 $279,849,780 $279,849,780 $0 0.0
August 422,129,588 422,129,588 0 0.0 701,979,368 701,979,368 0 0.0
September 510,217,946 510,217,946 0 0.0 1,212,197,313 1,212,197,313 0 0.0
October 247,188,116 247,188,116 0 0.0 1,459,385,429 1,459,385,429 0 0.0
November 390,491,204 390,491,204 0 0.0 1,849,876,634 1,849,876,634 0 0.0
December 387,480,225 387,480,225 0 0.0 2,237,356,858 2,237,356,858 0 0.0
January 389,711,888 389,711,888 0 0.0 2,627,068,746 2,627,068,746 0 0.0
February 296,444,299 296,444,299 0 0.0 2,923,513,045 2,923,513,045 0 0.0
March 343,629,209 331,867,995 11,761,214 3.5 3,267,142,253 3,255,381,095 11,761,158 0.4
April 659,642,842 573,162,444 86,480,398 15.1 3,926,785,095 3,828,543,539 98,241,556 2.6

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for April 2019 and Cumulative Fiscal Year 2018-2019*

 

April
Actual

April
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$191,687,237 $196,712,120 -$ 5,024,883 -2.6 $1,926,484,462 $1,941,852,401 -$15,367,939 -0.8
Ind. Income Tax
457,559,603 436,676,745 20,882,858 4.8 2,425,729,823 2,412,148,727 13,581,096 0.6
Corp. Income Tax
113,060,439 57,649,575 55,410,864 96.1 375,675,444 309,923,271 65,752,173 21.2
Misc. Taxes
42,932,021 34,970,870 7,961,151 22.8 191,176,155 185,670,649 5,505,506 3.0
Total Gross
$805,239,299 $726,009,310 $79,229,989 10.9 $4,919,065,883 $4,849,595,048 $69,470,836 1.4
Refunds
Total Refunds
$145,596,457 $152,846,867 -$7,250,409 -4.7 $992,280,788 $1,021,051,509 -$28,770,720 -2.8
Net Receipts
Sales & Use Tax
$151,318,055 $145,586,980 $ 5,731,075 3.9 $1,380,752,292 $1,375,803,565 $ 4,948,727 0.4
Ind. Income Tax
358,576,347 338,273,280 20,303,067 6.0 2,018,506,482 1,995,476,227 23,030,255 1.2
Corp. Income Tax
106,816,620 54,344,765 52,471,855 96.6 336,913,954 272,182,543 64,731,411 23.8
Misc. Taxes
42,931,820 34,957,419 7,974,402 22.8 190,612,367 185,081,204 5,531,163 3.0
Total Net
$659,642,842 $573,162,444 $86,480,398 15.1 $3,926,785,095 $3,828,543,539 $98,241,556 2.6

*Totals may not add due to rounding.