FOR IMMEDIATE RELEASE:
August 10, 2012

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

GENERAL FUND RECEIPTS — JULY 2012

LINCOLN —July Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for July were $271 million, which is 3.8% above the certified forecast of $261 million.

• Gross Sales and Use:
    5.2% above forecast
• Gross Individual Income:
    3.9% above forecast
• Gross Corporate Income:
    0.6% below forecast
• Gross Miscellaneous:
  12.8% below forecast

July Tax Refunds: Tax refunds for July were $49 million, which is 3.4% below the certified forecast of $51 million.

July Net Receipts: Net receipts for July were $222 million, which is 5.5% above the certified forecast of $210 million.

• Net Sales and Use:
    3.8% above forecast
• Net Individual Income:
    5.2% above forecast
• Net Corporate Income:
  86.2% above forecast
• Net Miscellaneous:
  12.6% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012.

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

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts by Tax Type for July 20121

  JULY
ACTUAL
JULY
PROJECTED2
DIFFERENCE PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$171,381,603
$162,907,000
$8,474,603
5.2%
Ind Income Tax
77,896,173
74,980,000
2,916,173
3.9  
Corp Income Tax
11,868,734
11,943,000
-74,266
-0.6  
Misc Taxes
9,918,342
11,376,000
-1,457,658
-12.8  
     Total Gross
$271,064,853
$261,205,000
$9,859,853
3.8%
REFUNDS
     Total Refunds
$49,440,875
$51,174,000
-$1,733,125
-3.4%
NET RECEIPTS
Sales & Use Tax
$133,814,572
$128,887,000
$4,927,572
3.8%
Ind Income Tax
67,584,959
64,260,000
3,324,959
5.2  
Corp Income Tax
10,306,174
5,536,000
4,770,174
86.2  
Misc Taxes
9,918,272
11,348,000
-1,429,728
-12.6  
     Total Net
$221,623,977
$210,031,000
$11,592,977
5.5%
1Totals may not add due to rounding.
2The projected amounts used in this comparison were set at the February 24, 2012 meeting of the
  Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.