FOR IMMEDIATE RELEASE:
July 13, 2015

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

General Fund Receipts — June 2015

LINCOLN — June Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reports that gross General Fund receipts for June were $488 million, which is 1.1% above the certified forecast of $482 million.

• Gross Sales and Use:
    4.5% below forecast
• Gross Individual Income:
    0.0% above forecast
• Gross Corporate Income:
  30.2% above forecast
• Gross Miscellaneous:
    2.6% below forecast

June Tax Refunds: Tax refunds for June were $67 million, which is 4.5% above the certified forecast of $64 million.

June Net Receipts:
Net receipts for June were $420 million, which is 0.5% above the certified forecast of $418 million.

• Net Sales and Use:
  10.8% below forecast
• Net Individual Income:
    0.9% above forecast
• Net Corporate Income:
  33.3% above forecast
• Net Miscellaneous:
    2.6% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-15 were $4.305 billion, which is 2.0% above the certified forecast of $4.220 billion.

• Net Sales and Use:
    0.1% below forecast
• Net Individual Income:
    0.1% below forecast
• Net Corporate Income:
  31.7% above forecast
• Net Miscellaneous:
    2.0% 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
June
420,461,510 418,174,491 2,287,019 0.5 4,305,099,326 4,220,499,794 84,599,532 2.0

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

 

June
Actual

June
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$171,079,096 $179,143,586 -$8,064,490 -4.5 $2,077,969,057 $2,113,147,439 -$35,178,381 -1.7
Ind. Income Tax
224,398,413
224,293,069
105,344
0.0
2,585,182,066
2,581,387,420
3,794,646
0.1
Corp. Income Tax
60,411,688
46,406,552
14,005,136
30.2
377,110,289
306,293,005
70,817,284
23.1
Misc. Taxes
31,753,401
32,611,038
-857,636 -2.6
217,791,194
213,461,005
4,330,189
2.0
Total Gross
$487,642,598
$482,454,245
$5,188,353
1.1
$5,258,052,606
$5,214,288,869
$43,763,738 0.8
Refunds
Total Refunds

$67,181,088

$64,279,753
$2,901,334
4.5
$952,953,280
$993,789,074
-$40,835,795
-4.1
Net Receipts
Sales & Use Tax
$112,978,834
$126,691,320
-$13,712,486
-10.8
$1,535,419,516
$1,536,421,854
-$ 1,002,338
-0.1
Ind. Income Tax
216,358,499
214,354,921
2,003,578
0.9
2,205,463,903
2,207,702,925
-2,239,022
-0.1
Corp. Income Tax
59,370,837
44,530,030
14,840,807
33.3
346,477,378
263,000,010
83,477,368
31.7
Misc. Taxes
31,753,341
32,598,221
-844,880
-2.6
217,738,529
213,375,005
4,363,524
2.0
Total Net
$420,461,510
$418,174,491
$2,287,019
0.5

$4,305,099,326

$4,220,499,794
$84,599,532
2.0


*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.