FOR IMMEDIATE RELEASE:
June 10, 2013

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

General Fund Receipts — May 2013

LINCOLN — May Gross Receipts: Tax Commissioner Doug Ewald reported that gross General Fund receipts for May were $393 million, which is 2.3% below the certified forecast of $402 million.

• Gross Sales and Use:
    1.6% below forecast
• Gross Individual Income:
    0.1% below forecast
• Gross Corporate Income:
  17.9% below forecast
• Gross Miscellaneous:
  39.3% below forecast

May Tax Refunds: Tax refunds for May were $53 million, which is 6.3% below the certified forecast of $57 million.

May Net Receipts: Net receipts for May were $339 million, which is 1.6% below the certified forecast of $345 million.

• Net Sales and Use:
    0.6% above forecast
• Net Individual Income:
    0.5% above forecast
• Net Corporate Income:
   30.4% below forecast
• Net Miscellaneous:
   39.3% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $3.662 billion, which is 7.6% above the certified forecast of $3.405 billion..

• Net Sales and Use:
    0.1% above forecast
• Net Individual Income:
  13.0% above forecast
• Net Corporate Income:
  18.6% above forecast
• Net Miscellaneous:
    0.3% 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
May 339,136,046 344,798,000 -5,661,954 -1.6 3,661,998,254 3,404,706,000 257,292,254 7.6

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

  MAY
ACTUAL
MAY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$153,341,546
$155,853,000
-$2,511,454
-1.6
$1,774,984,547
$1,747,012,000
$ 27,972,547
1.6
Ind. Income Tax
222,685,593
222,954,000
-268,407
-0.1
2,284,755,370
2,045,009,000
239,746,370
11.7
Corp. Income Tax
9,849,648
12,003,000
-2,153,352
-17.9
269,398,761
235,793,000
33,605,761
14.3
Misc. Taxes
6,662,243
10,981,000
-4,318,757 -39.3
169,538,883
169,137,000
401,883
0.2
Total Gross
$392,539,030 $401,790,000 -$9,250,970 -2.3 $4,498,677,561 $4,196,948,000 $301,729,561 7.2
REFUNDS
Total Refunds
$53,402,984 $56,993,000 -3,590,016 -6.3 $836,679,307 $792,244,000 $44,435,307 5.6
NET RECEIPTS
Sales & Use Tax
$121,265,036
$120,558,000
$  707,036
0.6
$1,358,055,879
$1,356,771,000
$  1,284,879
0.1
Ind. Income Tax
204,284,826
203,325,000
959,826
0.5
1,906,826,443
1,686,962,000
219,864,443
13.0
Corp. Income Tax
6,924,821
9,944,000
-3,019,179
-30.4
227,633,427
191,970,000
35,663,427
18.6
Misc. Taxes
6,661,363
10,971,000
-4,309,637
-39.3
169,482,506
168,998,000
484,506
0.3
Total Net
$339,136,046
$344,798,000
-$5,661,954
-1.6

$3,661,998,254

$3,404,706,000
$257,292,25
7.6
*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.