FOR IMMEDIATE RELEASE

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

General Fund Receipts — May 2018

JUNE 15, 2018 (LINCOLN, NEB.) — May Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for May were $487 million, which is 1.2% below the certified forecast of $493 million.

• Gross Sales and Use:
    2.0% below forecast
• Gross Individual Income:
    1.3% below forecast
• Gross Corporate Income:
    3.3% above forecast
• Gross Miscellaneous:
    4.7% above forecast

May Tax Refunds: Tax refunds for May were $95 million, which is 13.3% above the certified forecast of $84 million.

May Net Receipts: Net receipts for May were $392 million, which is 4.2% below the certified forecast of $409 million.

• Net Sales and Use:
    2.8% below forecast
• Net Individual Income:
    6.1% below forecast
• Net Corporate Income:
  10.5% above forecast
• Net Miscellaneous:
    4.8% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $4.093 billion, which is 1.1% above the certified forecast of $4.050 billion.

• Net Sales and Use:
    0.7% below forecast
• Net Individual Income:
    2.0% above forecast
• Net Corporate Income:
    1.5% above forecast
• Net Miscellaneous:
    3.6% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board (NEFAB) 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
May 392,124,524 409,435,992 -17,311,469 -4.2 4,093,280,598 4,049,958,224 43,322,374 1.1

 

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

 

May
Actual

May
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$180,122,716 $183,775,959 -$3,653,243 -2.0 $2,032,192,663 $2,057,335,969 -$25,143,306 -1.2
Ind. Income Tax
278,333,097 281,902,185 -3,569,089 -1.3 2,575,346,728 2,517,804,538 57,542,190 2.3
Corp. Income Tax
17,465,369 16,900,745 564,624 3.3 291,022,386 293,722,203 -2,699,817 -0.9
Misc. Taxes
11,062,075 10,567,851 494,224 4.7 221,026,279 213,493,679 7,532,599 3.5
Total Gross
$486,983,257
$493,146,741
-$6,163,484
-1.2
$5,119,588,056
$5,082,356,389
$37,231,667
0.7
Refunds
Total Refunds
$94,858,733
$83,710,748
$11,147,985
13.3
$1,026,307,458
$1,032,398,165
-$6,090,707
-0.6
Net Receipts
Sales & Use Tax
$126,228,687 $129,802,952 -$ 3,574,265 -2.8 $1,478,067,104 $1,488,315,548 -$10,248,444 -0.7
Ind. Income Tax
239,924,817 255,585,084 -15,660,267 -6.1 2,144,982,240 2,102,834,746 42,147,494 2.0
Corp. Income Tax
14,909,032 13,497,083 1,411,949 10.5 249,744,957 245,939,309 3,805,648 1.5
Misc. Taxes
11,061,988 10,550,873 511,115 4.8 220,486,297 212,868,621 7,617,676 3.6
Total Net
$392,124,524
$409,435,992 -$17,311,469
-4.2
$4,093,280,598
$4,049,958,224
$43,322,374
1.1

*Totals may not add due to rounding.