FOR IMMEDIATE RELEASE

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

General Fund Receipts — August 2017

SEPTEMBER 15, 2017 (LINCOLN, NEB.) — August Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for August were $466 million, which is 3.1% below the certified forecast of $481 million.

• Gross Sales and Use:
    2.3% below forecast
• Gross Individual Income:
    2.2% below forecast
• Gross Corporate Income:
 24.4% below forecast
• Gross Miscellaneous:
 17.5% below forecast

August Tax Refunds: Tax refunds for August were $61 million, which is 6.7% below the certified forecast of $66 million.

August Net Receipts: Net receipts for August were $405 million, which is 2.5% below the certified forecast of $415 million.

• Net Sales and Use:
    0.5% below forecast
• Net Individual Income:
    3.2% below forecast
• Net Corporate Income:
  15.9% above forecast
• Net Miscellaneous:
  17.5% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $673 million, which is 2.6% below the certified forecast of $691 million.

• Net Sales and Use:
    1.3% below forecast
• Net Individual Income:
    3.7% below forecast
• Net Corporate Income:
    7.6% above forecast
• Net Miscellaneous:
    6.0% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 26, 2017. This forecast was adjusted for legislation passed in 2017, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 14, 2017.

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

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Nebraska Department of Revenue

Administrative Services Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2017-2018*

 

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 $267,909,749 $275,531,943 -$ 7,622,194 -2.8 $267,909,749 $ 75,531,943 -$ 7,622,194 -2.8
August 405,007,342 415,430,208 -10,422,866 -2.5 672,917,091 690,962,150 -18,045,060 -2.6

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2017 and Cumulative Fiscal Year 2017-2018*

 

August
Actual

August
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$184,364,463 $188,660,735 -$ 4,296,272 -2.3 $377,435,569 $387,070,010 -$ 9,634,441 -2.5
Ind. Income Tax
264,284,909 270,226,795 -5,941,886 -2.2 352,361,388 358,360,655 -5,999,267 -1.7
Corp. Income Tax
7,429,568 9,831,845 -2,402,277 -24.4 20,325,589 25,448,760 -5,123,171 -20.1
Misc. Taxes
10,225,119 12,400,330 -2,175,211 -17.5 46,897,022 49,879,445 -2,982,422 -6.0
Total Gross
$466,304,060
$481,119,705
-$14,815,645
-3.1
$797,019,567
$820,758,870
-$23,739,302
-2.9
Refunds
Total Refunds

$61,296,718

$65,689,497
-$4,392,779
-6.7
$124,102,477
$129,796,719
-$5,694,243
-4.4
Net Receipts
Sales & Use Tax
$133,531,003 $134,174,940 -$   643,937 -0.5 $278,475,043 $282,115,650 -$ 3,640,607 -1.3
Ind. Income Tax
254,722,188 263,222,950 -8,500,762 -3.2 330,348,121 342,987,900 -12,639,779 -3.7
Corp. Income Tax
6,531,270 5,636,090 895,180 15.9 17,199,198 15,987,370 1,211,828 7.6
Misc. Taxes
10,222,881 12,396,228 -2,173,346 -17.5 46,894,729 49,871,230 -2,976,501 -6.0
Total Net
$405,007,342
$415,430,208
-$10,422,866
-2.5
$672,917,091
$690,962,150
-$18,045,060
-2.6


*Totals may not add due to rounding.