FOR IMMEDIATE RELEASE:
September 10, 2013

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604

General Fund Receipts — August 2013

LINCOLN — August Gross Receipts: Tax Commissioner Doug Ewald reported that gross General Fund receipts for August were $392.5 million, which is 0.2% below the certified forecast of $393.3 million.

• Gross Sales and Use:
    3.4% above forecast
• Gross Individual Income:
    2.3% below forecast
• Gross Corporate Income:
    9.9% below forecast
• Gross Miscellaneous:
    7.4% below forecast

August Tax Refunds: Tax refunds for August were $51 million, which is 3.7% above the certified forecast of $49 million.

August Net Receipts: Net receipts for August were $341 million, which is 0.8% below the certified forecast of $344 million.

• Net Sales and Use:
    1.5% above forecast
• Net Individual Income:
    3.2% below forecast
• Net Corporate Income:
  81.4% above forecast
• Net Miscellaneous:
    7.4% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $573 million, which is 0.7% above the certified forecast of $569 million.

• Net Sales and Use:
    0.5% above forecast
• Net Individual Income:
    0.4% above forecast
• Net Corporate Income:
  19.4% above forecast
• Net Miscellaneous:
    7.4% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 25, 2013. This forecast was adjusted for legislation passed in 2013, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2013.

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 2013-2014*

 

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
$231,361,095
$224,929,536
$6,431,560
2.9
$231,361,095
$224,929,536
$6,431,560
2.9
August
341,465,610
344,070,324
-2,604,714
-0.8
572,826,705
568,999,859
3,826,846
0.7

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2013 and Cumulative Fiscal Year 2013-2014*

 

August
Actual

August
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$171,533,634
$165,859,899
$5,673,735
3.4
$345,124,340
$339,731,487
$5,392,852
1.6
Ind. Income Tax
201,577,178
206,266,972
-4,689,793
-2.3
281,629,482
281,402,292
227,190
0.1
Corp. Income Tax
7,495,166
8,322,662
-827,496
-9.9
20,503,958
23,070,277
-2,566,319
-11.1
Misc. Taxes
11,914,287
12,862,685
-948,398 -7.4
21,981,113
23,761,755
-1,780,641
-7.5
Total Gross
$392,520,265 $393,312,217 $-791,953 -0.2 $669,238,892 $667,965,810 $1,273,082 0.2
Refunds
Total Refunds
$51,054,655 $49,241,894 $1,812,761 3.7 $96,412,187 $98,965,951 $-2,553,764 -2.6
Net Receipts
Sales & Use Tax
$128,778,927
$126,903,546
$1,875,381
1.5
$266,382,523
$264,926,946
$1,455,577
0.5
Ind. Income Tax
194,402,246
200,795,218
-6,392,972
-3.2
266,049,409
264,912,752
1,136,656
0.4
Corp. Income Tax
6,370,200
3,511,749
2,858,451
81.4
18,413,810
15,416,909
2,996,901
19.4
Misc. Taxes
11,914,237
12,859,810
-945,573
-7.4
21,980,963
23,743,253
-1,762,289
-7.4
Total Net
$341,465,610
$344,070,324
$-2,604,714
-0.8

$572,826,705

$568,999,859
$3,826,846
0.7
*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 25, 2013 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2013.