FOR IMMEDIATE RELEASE:
June 11, 2015

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

General Fund Receipts — May 2015

LINCOLN — May Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reports that gross General Fund receipts for May were $421 million, which is 2.8% below the certified forecast of $433 million.

• Gross Sales and Use:
    4.1% below forecast
• Gross Individual Income:
    1.3% below forecast
• Gross Corporate Income:
  10.2% below forecast
• Gross Miscellaneous:
    6.7% below forecast

May Tax Refunds: Tax refunds for May were $73 million, which is 9.8% below the certified forecast of $80 million.

May Net Receipts: Net receipts for May were $348 million, which is 1.2% below the certified forecast of $352 million.

• Net Sales and Use:
    1.6% below forecast
• Net Individual Income:
    0.7% below forecast
• Net Corporate Income:
    1.1% above forecast
• Net Miscellaneous:
    6.7% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-15 were $3.885 billion, which is 2.2% above the certified forecast of $3.802 billion.

• Net Sales and Use:
    0.9% above forecast
• Net Individual Income:
    0.2% below forecast
• Net Corporate Income:
  31.4% above forecast
• Net Miscellaneous:
    2.9% 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 to $4.295 billion. 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
May
348,011,694 352,118,842 -4,107,148 -1.2 3,884,637,816 3,802,325,303 82,312,513 2.2

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

 

May
Actual

May
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$164,960,821 $171,961,531 -$ 7,000,710 -4.1 $1,906,889,961 $1,934,003,853 -$27,113,892 -1.4
Ind. Income Tax
235,370,155
238,473,297
-3,103,142
-1.3
2,360,783,653
2,357,094,351
3,689,302
0.2
Corp. Income Tax
9,504,440
10,589,517
-1,085,077
-10.2
316,698,601
259,886,453
56,812,149
21.9
Misc. Taxes
10,789,675
11,568,639
-778,964 -6.7
186,037,792
180,849,967
5,187,825
2.9
Total Gross
$420,625,090
$432,592,983
-$11,967,893
-2.8
$4,770,410,008
$4,731,834,624
$38,575,384 0.8
Refunds
Total Refunds

$72,613,396

$80,474,141
-$7,860,745
-9.8
$885,772,192
$929,509,321
-$43,737,129
-4.7
Net Receipts
Sales & Use Tax
$113,197,316
$115,000,570
-$1,803,254
-1.6
$1,422,440,682
$1,409,730,534
$12,710,148
0.9
Ind. Income Tax
215,448,217
217,067,242
-1,619,025
-0.7
1,989,105,404
1,993,348,004
-4,242,600
-0.2
Corp. Income Tax
8,577,611
8,488,236
89,375
1.1
287,106,541
218,469,980
68,636,561
31.4
Misc. Taxes
10,788,549
11,562,793
-774,244
-6.7
185,985,188
180,776,784
5,208,404
2.9
Total Net
$348,011,694
$352,118,842
-$4,107,148
-1.2

$3,884,637,816

$3,802,325,303
$82,312,513
2.2


*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.