FOR IMMEDIATE RELEASE

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

General Fund Receipts — June 2017

July 14, 2017 (LINCOLN, NEB.) — June Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for June were $485 million, which is 5.0% below the certified forecast of $510 million.

• Gross Sales and Use:
    1.5% below forecast
• Gross Individual Income:
  13.6% below forecast
• Gross Corporate Income:
  32.2% above forecast
• Gross Miscellaneous:
    1.1% above forecast

June Tax Refunds: Tax refunds for June were $85 million, which is 0.4% below the certified forecast of $86 million.

June Net Receipts: Net receipts for June were $400 million, which is 5.9% below the certified forecast of $425 million.

• Net Sales and Use:
    1.0% above forecast
• Net Individual Income:
  16.6% below forecast
• Net Corporate Income:
  35.4% above forecast
• Net Miscellaneous:
    1.2% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $4.266 billion, which is 0.8% below the certified forecast of $4.300 billion.

• Net Sales and Use:
    0.1% below forecast
• Net Individual Income:
    2.6% below forecast
• Net Corporate Income:
  10.2% above forecast
• Net Miscellaneous:
    1.4% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 26, 2017. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on May 15, 2017. The Board revised the forecast for the current fiscal year downward by $15 million to $4.300 billion, in comparison to the February 27, 2017 forecast of $4.315 billion. By law, downward revisions to the forecast are recertified.

Previous monthly press releases are at revenue.nebraska.gov/research/gen_fund.html.

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Nebraska Department of Revenue

Policy Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2016-2017*

 

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 $234,585,213 $234,585,213 $0 0.0 $ 234,585,213 $ 234,585,213 $ 0 0.0
August 410,484,016 410,484,016 0 0.0 645,069,230 645,069,230 0 0.0
September 437,022,598 437,022,598 0 0.0 1,082,091,827 1,082,091,827 0 0.0
October 233,404,182 233,404,182 0 0.0 1,315,496,010 1,315,496,010 0 0.0
November 358,594,439 358,594,439 0 0.0 1,674,090,448 1,674,090,448 0 0.0
December 342,069,150 342,069,150 0 0.0 2,016,159,598 2,016,159,598 0 0.0
January 376,472,404 376,472,404 0 0.0 2,392,632,002 2,392,632,002 0 0.0
February 267,168,525 267,168,525 0 0.0 2,659,800,527 2,659,800,527 0 0.0
March 326,793,056 326,793,056 0 0.0 2,986,593,583 2,986,593,583 0 0.0
April 477,844,852 477,844,852 0 0.0 3,464,438,436 3,464,438,436 0 0.0
May 401,525,307 410,797,881 -9,272,575 -2.3 3,865,963,743 3,875,236,303 -9,272,560 -0.2
June 399,808,204 424,763,697 -24,955,493 -5.9 4,265,771,947 4,300,000,000 -34,228,053 -0.8

Comparison of Actual and Projected General Fund Receipts by Tax Type
for June 2017 and Cumulative Fiscal Year 2016-2017*

 

June
Actual

June
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$182,911,876 $185,623,168 -$ 2,711,292 -1.5 $2,171,815,345 $2,177,485,098 -$ 5,669,752 -0.3
Ind. Income Tax
220,796,383 255,639,087 -34,842,704 -13.6 2,658,320,142 2,724,335,025 -66,014,883 -2.4
Corp. Income Tax
48,859,454 36,950,844 11,908,610 32.2 317,877,308 297,682,615 20,194,693 6.8
Misc. Taxes
32,625,825 32,272,112 353,714 1.1 228,108,875 225,074,000 3,034,875 1.3
Total Gross
$485,193,539
$510,485,211
-$25,291,672
-5.0
$5,376,121,671
$5,424,576,738
-$48,455,067
-0.9
Refunds
Total Refunds

$85,385,335

$85,721,514
-$336,179
-0.4
$1,110,349,724
$1,124,576,738
-$14,227,014
-1.3
Net Receipts
Sales & Use Tax
$124,178,327 $122,928,200 $ 1,250,127 1.0 $1,548,388,849 $1,550,000,000 -$ 1,611,151 -0.1
Ind. Income Tax
195,526,760 234,539,960 -39,013,200 -16.6 2,224,840,053 2,285,000,000 -60,159,947 -2.6
Corp. Income Tax
47,480,662 35,056,966 12,423,697 35.4 264,439,713 240,000,000 24,439,713 10.2
Misc. Taxes
32,622,455 32,238,571 383,884 1.2 228,103,332 225,000,000 3,103,332 1.4
Total Net
$399,808,204
$424,763,697
-$24,955,493
-5.9
$4,265,771,947
$4,300,000,000
-$34,228,053
-0.8


*Totals may not add due to rounding.