FOR IMMEDIATE RELEASE:
August 12, 2016

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

General Fund Receipts — July 2016

LINCOLN — July Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for July were $305 million, which is 2.2% below the certified forecast of $312 million.

• Gross Sales and Use:
   2.8% above forecast
• Gross Individual Income:
   8.4% below forecast
• Gross Corporate Income:
 35.7% below forecast
• Gross Miscellaneous:
   4.1% above forecast

July Tax Refunds: Tax refunds for July were $71 million, which is 21.1% above the certified forecast of $58 million.


July Net Receipts: Net receipts for July were $235 million, which is 7.6% below the certified forecast of $254 million.

• Net Sales and Use:
   1.1% above forecast
• Net Individual Income:
   9.6% below forecast
• Net Corporate Income:
110.5% below forecast
• Net Miscellaneous:
   4.2% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2016. This forecast was adjusted for legislation passed in 2016, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2016.

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

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APPROVED:
Tony Fulton
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts by Tax Type for July 20161

  July
Actual
July
Projected2
Difference Percent
Difference
Gross Receipts
Sales & Use Tax
$200,769,744
$195,379,000
$5,390,744
2.8%
Ind Income Tax
84,716,702
92,535,000
-7,818,298
-8.4  
Corp Income Tax
8,788,041
13,674,000
-4,885,959
-35.7  
Misc Taxes
10,995,481
10,559,000
436,481
4.1  
     Total Gross
$305,269,968
$312,147,000
-$6,877,032
-2.2%
Refunds
     Total Refunds
$70,684,755
$58,381,000
$12,303,755
21.1%
Net Receipts
Sales & Use Tax
$148,355,106
$146,694,000
$ 1,661,106
1.1%
Ind Income Tax
76,485,233
84,617,000
-8,131,767
-9.6  
Corp Income Tax
-1,250,606
11,902,000
-13,152,606
-110.5  
Misc Taxes
10,995,481
10,553,000
442,481
4.2  
     Total Net
$234,585,213
$253,766,000
-$19,180,787
-7.6%
1Totals may not add due to rounding.
2The projected amounts used in this comparison were set at the February, 2016 meeting of the Nebraska
Economic Forecasting Advisory Board, and certified on July 13, 2016.