FOR IMMEDIATE RELEASE:
September 10, 2015

FOR INFORMATION CONTACT:
Leonard J. Sloup, Acting Tax Commissioner
402-471-5604

General Fund Receipts — August 2015

LINCOLN — August Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reports that gross General Fund receipts for August were $443 million, which is 1.3% above the certified forecast of $437 million.

• Gross Sales and Use:
    3.9% below forecast
• Gross Individual Income:
    6.1% above forecast
• Gross Corporate Income:
  12.7% above forecast
• Gross Miscellaneous:
  15.5% below forecast

August Tax Refunds: Tax refunds for August were $57 million, which is 7.5% below the certified forecast of $62 million.

August Net Receipts: Net receipts for August were $385 million, which is 2.7% above the certified forecast of $375 million.

• Net Sales and Use:
    3.8% below forecast
• Net Individual Income:
    6.7% above forecast
• Net Corporate Income:
  58.6% above forecast
• Net Miscellaneous:
  15.5% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2015-16 were $636 million, which is 2.1% above the certified forecast of $623 million.

• Net Sales and Use:
    1.8% below forecast
• Net Individual Income:
    5.3% above forecast
• Net Corporate Income:
  31.5% above forecast
• Net Miscellaneous:
    9.4% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 30, 2015. This forecast was adjusted for legislation passed in 2015, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2015.

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

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APPROVED:
Leonard J. Sloup
Acting Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2015-2016*

 

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
$250,936,332
$248,037,586
$ 2,898,746
1.2
$250,936,332
$248,037,586
$ 2,898,746
1.2
August
385,186,831
374,949,123
10,237,708
2.7
636,123,163
622,986,709
13,136,454
2.1

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2015 and Cumulative Fiscal Year 2015-2016*

 

August
Actual

August
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$177,166,676 $184,418,400 -$ 7,251,724 -3.9 $365,526,893 $373,984,736 -$ 8,457,844 -2.3
Ind. Income Tax
245,082,756
231,083,120
13,999,636
6.1
333,669,327
318,538,587
15,130,740
4.8
Corp. Income Tax
8,626,262
7,651,882
974,380
12.7
22,473,296
20,155,428
2,317,868
11.5
Misc. Taxes
11,700,950
13,851,005
-2,150,055 -15.5
23,846,696
26,329,366
-2,482,670
-9.4
Total Gross
$442,576,645
$437,004,408
$ 5,572,237
1.3
$745,516,212
$739,008,118
$ 6,508,094 0.9
Refunds
Total Refunds

$57,389,813

$62,055,284
-$4,665,471
-7.5
$109,393,048
$116,021,409
-$6,628,360
-5.7
Net Receipts
Sales & Use Tax
$128,226,638
$133,338,907
-$ 5,112,269
-3.8
$274,198,561
$279,351,037
-$ 5,152,476
-1.8
Ind. Income Tax
238,482,142
223,487,411
14,994,731
6.7
318,575,483
302,482,628
16,092,855
5.3
Corp. Income Tax
6,777,225
4,273,871
2,503,354
58.6
19,503,365
14,828,193
4,675,172
31.5
Misc. Taxes
11,700,826
13,848,934
-2,148,109
-15.5
23,845,754
26,324,850
-2,479,096
-9.4
Total Net
$385,186,831
$374,949,123
$10,237,708
2.7

$636,123,163

$622,986,709
$13,136,454
2.1


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 30, 2015 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 15, 2015.