FOR IMMEDIATE RELEASE:
August 10, 2010

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Chief Economist
(402) 471-5700

GENERAL FUND RECEIPTS — JULY 2010

LINCOLN — July Gross Receipts:Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for July were $236 million, which is 2.9% below the certified forecast of $243 million.

• Gross Sales and Use:  4.1% below forecast
• Gross Individual Income:  5.1% below forecast
• Gross Corporate Income: 13.6% above forecast
• Gross Miscellaneous:  20.2% above forecast

July Tax Refunds: Tax refunds for July were $57 million, which is 27.2% above the certified forecast of $44 million

July Net Receipts: Net receipts for July were $180 million, which is 9.6% below the certified forecast of $199 million.

• Net Sales and Use:   2.0% below forecast
• Net Individual Income:   3.4% below forecast
• Net Corporate Income: 580.8% below forecast
• Net Miscellaneous:  20.3% above forecast

Corporate Income tax refunds in July included an incentive program refund for past tax years of approximately $19 million, bringing total corporate refunds for the month to $21 million. The forecast for the month of $4 million did not anticipate this refund as a single payment.

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. This forecast was adjusted for legislation passed in 2010, divided5.1 into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2010.

Previous monthly press releases are found at http://www.revenue.nebraska.gov/research/gen_fund.html.

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts by Tax Type for July 20101

  JULY
ACTUAL
JULY
PROJECTED2
DIFFERENCE PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$149,397,726
$155,844,000
-$6,446,274
-4.1%
Ind Income Tax
66,355,288
69,919,000
-3,563,712
-5.1  
Corp Income Tax
7,466,214
6,571,000
895,214
13.6  
Misc Taxes
12,953,593
10,778,000
2,175,593
20.2  
     Total Gross
$236,172,822
$243,112,000
-$6,939,178
-2.9%
REFUNDS
     Total Refunds
$56,580,833
$44,467,000
$12,113,833
27.2%
NET RECEIPTS
Sales & Use Tax
$120,910,116
$123,328,000
-$2,417,884
-2.0%
Ind Income Tax
59,559,641
61,672,000
-2,112,359
-3.4  
Corp Income Tax
-13,831,285
2,877,000
-16,708,285
-580.8  
Misc Taxes
12,953,518
10,768,000
2,185,518
20.3  
     Total Net
$179,591,989
$198,645,000
-$19,053,011
-9.6%
1Totals may not add due to rounding.
2The projected amounts used in this comparison were set at the February 26, 2010 meeting of the
  Nebraska Economic Forecasting Advisory Board and certified on July 15, 2010.