FOR IMMEDIATE RELEASE:
September 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 — AUGUST 2010

LINCOLN — August Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for August were $362 million, which is 2.1% above the certified forecast of $355 million.

• Gross Sales and Use:     1.5% above forecast
• Gross Individual Income:     0.2% above forecast
• Gross Corporate Income:   66.2% above forecast
• Gross Miscellaneous:   12.9% above forecast

August Tax Refunds: Tax refunds for August were $41 million, which is 2.6% below the certified forecast of $42 million.

August Net Receipts: Net receipts for August were $322 million, which is 2.7% above the certified forecast of $313 million.

• Net Sales and Use:     0.6% above forecast
• Net Individual Income:     0.2% above forecast
• Net Corporate Income: 825.4% above forecast
• Net Miscellaneous:   12.9% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $501 million, which is 2.0% below the certified forecast of $512 million.

• Net Sales and Use:     0.7% below forecast
• Net Individual Income:     0.7% below forecast
• Net Corporate Income: 302.4% below forecast
• Net Miscellaneous:   16.4% above forecast

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, divided 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 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 for Fiscal Year 2010-2011*

 

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
$179,591,989
$198,645,000
-19,053,011
-9.6
$179,591,989
$198,645,000
-19,053,011
-9.6
August
321,595,200
313,026,000
8,569,200
2.7
501,187,189
511,671,000
-10,483,811
-2.0

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2010 and Cumulative Fiscal Year 2010-2011*

  August
ACTUAL
August
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$146,793,003
$144,600,000
$2,193,003
1.5
$296,190,729
$300,444,000
-$4,253,271
-1.4
Ind. Income Tax
193,613,301
193,190,000
423,301
0.2
259,968,589
263,109,000
-3,140,411
-1.2
Corp. Income Tax
8,364,104
5,033,000
3,331,104
66.2
15,830,318
11,604,000
4,226,318
36.4
Misc. Taxes
13,602,364
12,050,000
1,552,364
12.9
26,555,957
22,828,000
3,727,957
16.3
Total Gross
$362,372,772 $354,874,000 $7,498,772 2.1 $598,545,593 $597,986,000 $559,593 0.1
REFUNDS
Total Refunds
$40,777,572 $41,847,000 -$1,069,428 -2.6 $97,358,404 $86,314,000 $11,044,404 12.8
NET RECEIPTS
Sales & Use Tax
$111,817,305
$111,127,000
$690,305
0.6
$232,727,421
$234,455,000
$1,727,579
-0.7
Ind. Income Tax
189,608,675
189,144,000
464,675
0.2
249,168,316
250,816,000
-1,647,684
-0.7
Corp. Income Tax
6,570,465
710,000
5,860,465
825.4
-7,260,820
3,587,000
-10,847,820
-302.4
Misc. Taxes
13,598,755
12,045,000
1,553,755
12.9
26,552,272
22,813,000
3,739,272
16.4
Total Net
$321,595,200
$313,026,000
$8,569,200
2.7

$501,187,189

$511,671,000
-$10,483,811
-2.0

*Totals may not add due to rounding.

**The 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.