FOR IMMEDIATE RELEASE

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

General Fund Receipts — July 2018

AUGUST 15, 2018 (LINCOLN, NEB.) — July Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for July were $339 million, which is 3.5% above the certified forecast of $328 million.

• Gross Sales and Use:
    2.6% above forecast
• Gross Individual Income:
  16.8% above forecast
• Gross Corporate Income:
  32.7% below forecast
• Gross Miscellaneous:
    5.8% below forecast

July Tax Refunds: Tax refunds for July were $59 million, which is 13.1% below the certified forecast of $68 million.

July Net Receipts: Net receipts for July were $280 million, which is 7.8% above the certified forecast of $260 million.

• Net Sales and Use:
    7.3% above forecast
• Net Individual Income:
  20.6% above forecast
• Net Corporate Income:
  25.5% below forecast
• Net Miscellaneous:
    5.7% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2018. This forecast was adjusted for legislation passed in 2018, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2018.

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 July 20181

  July
Actual
July
Projected2
Difference Percent
Difference
Gross Receipts
Sales & Use Tax
$210,151,205
$204,923,805
$ 5,227,400
2.6%
Ind Income Tax
95,652,042
81,914,558
13,737,483
16.8   
Corp Income Tax
13,018,564
19,352,829
-6,334,265
-32.7  
Misc Taxes
20,450,696
21,709,114
-1,258,418
-5.8   
     Total Gross
$339,272,506
$327,900,307
$11,372,199
3.5%
Refunds
     Total Refunds
$59,422,727
$68,357,665
-$8,934,938
-13.1%
Net Receipts
Sales & Use Tax
$164,074,115
$152,955,459
$11,118,656
7.3%
Ind Income Tax
83,845,546
69,502,037
14,343,508
20.6  
Corp Income Tax
11,479,873
15,399,917
-3,920,044
-25.5  
Misc Taxes
20,450,247
21,685,229
-1,234,982
-5.7  
     Total Net
$279,849,780
$259,542,642
$20,307,138
7.8%
1Totals may not add due to rounding.
2The projected amounts used in this comparison were set at the February, 2018 meeting of the Nebraska Economic
Forecasting Advisory Board, and certified on July 13, 2018.