FOR IMMEDIATE RELEASE

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

General Fund Receipts —May 2019

JUNE 14, 2019 (LINCOLN, NEB.) — May Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for May were $515 million, which is 3.1% above the certified forecast of $500 million.

• Gross Sales and Use:
     3.3% above forecast
• Gross Individual Income:
     5.7% above forecast
• Gross Corporate Income:
  29.0% below forecast
• Gross Miscellaneous:
  17.8% below forecast

May Tax Refunds: Tax refunds for May were $76 million, which is 27.8% below the certified forecast of $105 million.

May Net Receipts: Net receipts for May were $439 million, which is 11.3% above the certified forecast of $395 million.

• Net Sales and Use:
  11.4% above forecast
• Net Individual Income:
  14.2% above forecast
• Net Corporate Income:
  15.5% below forecast
• Net Miscellaneous:
  17.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2018-19 were $4.366 billion, which is 3.4% above the certified forecast of $4.223 billion.

• Net Sales and Use:
     1.3% above forecast
• Net Individual Income:
     2.6% above forecast
• Net Corporate Income:
  22.1% above forecast
• Net Miscellaneous:
      1.6% 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
May 439,242,511 394,593,072 44,649,440 11.3 4,366,027,606 4,223,136,610 142,890,996 3.4

 

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

 

May
Actual

May
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$195,093,871 $188,905,000 $ 6,188,871 3.3 $2,121,578,333 $2,130,757,401 -$ 9,179,068 -0.4
Ind. Income Tax
298,365,749 282,354,900 16,010,849 5.7 2,724,095,572 2,694,503,627 29,591,945 1.1
Corp. Income Tax
10,983,408 15,471,430 -4,488,022 -29.0 386,658,852 325,394,701 61,264,151 18.8
Misc. Taxes
10,664,139 12,973,840 -2,309,701 -17.8 201,840,294 198,644,489 3,195,805 1.6
Total Gross
$515,107,167 $499,705,170 $15,401,997 3.1 $5,434,173,050 $5,349,300,218 $84,872,833 1.6
Refunds
Total Refunds
$75,864,656 $105,112,099 -$29,247,443 -27.8 $1,068,145,444 $1,126,163,607 -$58,018,163 -5.2
Net Receipts
Sales & Use Tax
$142,794,369 $128,129,505 $14,664,864 11.4 $1,523,546,661 $1,503,933,070 $ 19,613,592 1.3
Ind. Income Tax
275,417,413 241,234,005 34,183,408 14.2 2,293,923,894 2,236,710,232 57,213,663 2.6
Corp. Income Tax
10,380,512 12,280,495 -1,899,983 -15.5 347,294,466 284,463,038 62,831,428 22.1
Misc. Taxes
10,650,217 12,949,067 -2,298,850 -17.8 201,262,584 198,030,270 3,232,313 1.6
Total Net
$439,242,511 $394,593,072 $44,649,440 11.3 $4,366,027,606 $4,223,136,610 $142,890,996 3.4

*Totals may not add due to rounding.