FOR IMMEDIATE RELEASE:
September 11, 2012

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

GENERAL FUND RECEIPTS — AUGUST 2012

LINCOLN — August Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for August were $390 million, which is 0.7% above the certified forecast of $387 million.

• Gross Sales and Use:
    1.3% above forecast
• Gross Individual Income:
    0.1% above forecast
• Gross Corporate Income:
    2.1% above forecast
• Gross Miscellaneous:
    1.8% above forecast

August Tax Refunds: Tax refunds for August were $55 million, which is 13.8% above the certified forecast of $48 million.

August Net Receipts: Net receipts for August were $335 million, which is 1.2% below the certified forecast of $339 million.

• Net Sales and Use:
    2.8% above forecast
• Net Individual Income:
    0.2% below forecast
• Net Corporate Income:
111.0% below forecast
• Net Miscellaneous:
    1.9% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $556 million, which is 1.4% above the certified forecast of $549 million.

• Net Sales and Use:
    3.3% above forecast
• Net Individual Income:
    1.1% above forecast
• Net Corporate Income:
  19.2% below forecast
• Net Miscellaneous:
    5.1% below forecast

The comparisons in this report are based on the 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 for Fiscal Year 2012-2013*

 

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
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
1.2
556,490,810
548,893,000
7,597,810
1.4

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2012 and Cumulative Fiscal Year 2012-2013*

  AUGUST
ACTUAL
AUGUST
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$159,323,501
$157,281,000
$2,042,501
1.3
$330,705,104
$320,188,000
$10,517,104
3.3
Ind. Income Tax
209,449,055
209,229,000
220,055
0.1
287,345,228
284,209,000
3,136,228
1.1
Corp. Income Tax
8,909,741
8,725,000
184,741
2.1
20,778,475
20,668,000
110,475
0.5
Misc. Taxes
12,241,918
12,022,000
219,918
1.8
22,160,260
23,398,000
-1,237,740
-5.3
Total Gross
$389,924,216 $387,257,000 $2,667,216 0.7 $660,989,068 $648,462,000 $12,527,068 1.9
REFUNDS
Total Refunds
$55,057,383 $48,396,000 $6,661,383 13.8 $104,498,258 $99,570,000 $4,928,258 4.9
NET RECEIPTS
Sales & Use Tax
$120,040,711
$116,815,000
$3,225,711
2.8
$253,855,283
$245,702,000
$8,153,283
3.3
Ind. Income Tax
203,282,898
203,674,000
-391,102
-0.2
270,867,857
267,934,000
2,933,857
1.1
Corp. Income Tax
-698,689
6,357,000
-7,055,689
-111.0
9,607,485
11,893,000
-2,285,515
-19.2
Misc. Taxes
12,241,913
12,015,000
226,913
1.9
22,160,185
23,363,000
-1,202,815
-5.1
Total Net
$334,866,833
$338,862,000
-$3,995,167
-1.2

$556,490,810

$548,893,000
$7,597,810
1.4

*Totals may not add due to rounding.

**The 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.