FOR IMMEDIATE RELEASE:
September 12, 2016

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

General Fund Receipts — August 2016

LINCOLN — August Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for August were $468.8 million, which is 0.1% below the certified forecast of $469.2 million.

• Gross Sales and Use:
   2.7% below forecast
• Gross Individual Income:
   1.6% above forecast
• Gross Corporate Income:
 20.4% below forecast
• Gross Miscellaneous:
 21.1% above forecast

August Tax Refunds: Tax refunds for August were $58 million, which is 3.2% below the certified forecast of $60 million.

August Net Receipts: Net receipts for August were $410 million, which is 0.4% above the certified forecast of $409 million.

• Net Sales and Use:
   1.6% below forecast
• Net Individual Income:
   1.6% above forecast
• Net Corporate Income:
 35.4% below forecast
• Net Miscellaneous:
 21.2% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $645 million, which is 2.7% below the certified forecast of $663 million.

• Net Sales and Use:
   0.2% below forecast
• Net Individual Income:
   1.2% below forecast
• Net Corporate Income:
 81.0% below forecast
• Net Miscellaneous:
 13.1% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2016. This forecast was adjusted for legislation passed in 2016, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2016.

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

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APPROVED:
Tony Fulton
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2016-2017*

 

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
$234,585,213
$253,766,000 -$19,180,787
-7.6
$234,585,213
$253,766,000
-$19,180,787
-7.6
August
410,484,016
408,951,000
1,533,016
0.4
645,069,230
662,717,000
-17,647,770
-2.7

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2016 and Cumulative Fiscal Year 2016-2017*

 

August
Actual

August
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$180,153,824 $185,143,000 -$4,989,176 -2.7 $380,923,568 $380,522,000 $  401,568 0.1
Ind. Income Tax
266,267,399
262,033,000
4,234,399
1.6
350,984,101
354,568,000
-3,583,899
-1.0
Corp. Income Tax
8,206,936
10,306,000
-2,099,064
-20.4
16,994,978
23,980,000
-6,985,022
-29.1
Misc. Taxes
14,138,510
11,674,000
2,464,510 21.1
25,133,991
22,233,000 2,900,991 13.0
Total Gross
$468,766,669
$469,156,000
-$  389,331
-0.1
$774,036,637
$781,303,000
-$7,266,363 -0.9
Refunds
Total Refunds

$58,282,652

$60,205,000
-$1,922,348 -3.2
$128,967,407
$118,586,000
$10,381,407
8.8
Net Receipts
Sales & Use Tax
$132,294,757
$134,478,000
-$2,183,243
-1.6
$280,649,863
$281,172,000
-$   522,137
-0.2
Ind. Income Tax
259,088,974
255,123,000
3,965,974
1.6
335,574,207
339,740,000
-4,165,793 -1.2
Corp. Income Tax
4,961,845
7,682,000
-2,720,155 -35.4
3,711,239
19,584,000
-15,872,761 -81.0
Misc. Taxes
14,138,440
11,668,000
2,470,440 21.2 25,133,921 22,221,000
2,912,921
13.1
Total Net
$410,484,016
$408,951,000
$1,533,016 0.4

$645,069,230

$662,717,000
-$17,647,770
-2.7


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February, 2016 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 13, 2016.