FOR IMMEDIATE RELEASE

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

General Fund Receipts —June 2019

JULY 15, 2019 (LINCOLN, NEB.) — June Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for June were $620 million, which is 6.6% above the certified forecast of $581 million.

• Gross Sales and Use:
     3.1% above forecast
• Gross Individual Income:
    5.9% above forecast
• Gross Corporate Income:
  27.0% above forecast
• Gross Miscellaneous:
     0.9% above forecast

June Tax Refunds: Tax refunds for June were $90 million, which is 6.0% above the certified forecast of $85 million.

June Net Receipts: Net receipts for June were $530 million, which is 6.7% above the certified forecast of $497 million.

• Net Sales and Use:
     1.1% below forecast
• Net Individual Income:
     7.9% above forecast
• Net Corporate Income:
  26.3% above forecast
• Net Miscellaneous:
     0.9% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2018-19 were $4.896 billion, which is 3.7% above the certified forecast of $4.720 billion.

• Net Sales and Use:
     1.1% above forecast
• Net Individual Income:
     3.1% above forecast
• Net Corporate Income:
  22.8% above forecast
• Net Miscellaneous:
     1.5% 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
June 530,350,572 496,863,390 33,487,182 6.7 4,896,378,178 4,720,000,000 176,378,178 3.7

 

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

 

June
Actual

June
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$202,188,082 $196,184,220 $ 6,003,862 3.1 $2,323,766,414 $2,326,941,621 -$ 3,175,207 -0.1
Ind. Income Tax
271,125,153 255,968,898 15,156,255 5.9 2,995,220,725 2,950,472,525 44,748,200 1.5
Corp. Income Tax
79,156,385 62,336,827 16,819,559 27.0 465,815,238 387,731,528 78,083,710 20.1
Misc. Taxes
67,591,150 67,007,354 583,796 0.9 269,431,444 265,651,842 3,779,601 1.4
Total Gross
$620,060,770 $581,497,299 $38,563,471 6.6 $6,054,233,821 $5,930,797,516 $123,436,304 2.1
Refunds
Total Refunds
$89,710,198 $84,633,909 $5,076,289 6.0 $1,157,855,642 $1,210,797,516 -$52,941,874 -4.4
Net Receipts
Sales & Use Tax
$134,560,472 $136,066,930 -$ 1,506,458 -1.1 $1,658,107,134 $1,640,000,000 $ 18,107,134 1.1
Ind. Income Tax
251,756,145 233,289,768 18,466,377 7.9 2,545,680,040 2,470,000,000 75,680,040 3.1
Corp. Income Tax
76,443,104 60,536,962 15,906,143 26.3 423,737,571 345,000,000 78,737,571 22.8
Misc. Taxes
67,590,850 66,969,730 621,120 0.9 268,853,434 265,000,000 3,853,434 1.5
Total Net
$530,350,572 $496,863,390 $33,487,182 6.7 $4,896,378,178 $4,720,000,000 $176,378,178 3.7

*Totals may not add due to rounding.