FOR IMMEDIATE RELEASE

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

General Fund Receipts — August 2018

September 14, 2018 (LINCOLN, NEB.) — August Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for August were $495 million, which is 0.4% above the certified forecast of $492 million.

• Gross Sales and Use:
    1.4% below forecast
• Gross Individual Income:
    2.4% above forecast
• Gross Corporate Income:
    1.0% above forecast
• Gross Miscellaneous:
  16.5% below forecast

August Tax Refunds: Tax refunds for August were $72 million, which is 7.3% above the certified forecast of $68 million.

August Net Receipts: Net receipts for August were $422 million, which is 0.7% below the certified forecast of $425 million.

• Net Sales and Use:
    4.9% below forecast
• Net Individual Income:
    2.3% above forecast
• Net Corporate Income:
    5.3% above forecast
• Net Miscellaneous:
  20.7% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2018-19 were $702 million, which is 2.6% above the certified forecast of $684 million..

• Net Sales and Use:
    1.5% above forecast
• Net Individual Income:
    6.1% above forecast
• Net Corporate Income:
  15.6% below forecast
• Net Miscellaneous:
  11.2% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2018. This forecast was adjusted for legislation passed in 2018, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2018.

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 2018-2019*

 

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 $279,849,780 $259,542,642 $20,307,138 7.8 $279,849,780 $259,542,642 $20,307,138 7.8
August 422,129,588 424,947,767 -2,818,179 -0.7 701,979,368 684,490,408 17,488,959 2.6

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2018 and Cumulative Fiscal Year 2018-2019*

 

August
Actual

August
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$192,279,351 $194,929,023 -$2,649,672 -1.4 $402,430,556 $399,852,828 $ 2,577,728 0.6
Ind. Income Tax
281,703,185 274,966,786 6,736,398 2.4 377,355,226 356,881,345 20,473,881 5.7
Corp. Income Tax
10,076,687 9,974,539 102,148 1.0 23,095,251 29,327,368 -6,232,118 -21.3
Misc. Taxes
10,497,676 12,579,551 -2,081,875 -16.5 30,948,372 34,288,665 -3,340,293 -9.7
Total Gross
$494,556,898
$492,449,899
$2,106,999
0.4
$833,829,404
$820,350,206
$13,479,198
1.6
Refunds
Total Refunds
$72,427,310
$67,502,132
$4,925,177
7.3
$131,850,037
$135,859,798
-$4,009,761
-3.0
Net Receipts
Sales & Use Tax
$132,354,945 $139,182,285 -$6,827,340 -4.9 $296,429,059 $292,137,743 $ 4,291,316 1.5
Ind. Income Tax
272,233,593 266,003,199 6,230,395 2.3 356,079,139 335,505,236 20,573,903 6.1
Corp. Income Tax
7,594,713 7,211,954 382,759 5.3 19,074,586 22,611,870 -3,537,285 -15.6
Misc. Taxes
9,946,337 12,550,330 -2,603,993 -20.7 30,396,584 34,235,559 -3,838,975 -11.2
Total Net
$422,129,588
$424,947,767 -$2,818,179
-0.7
$701,979,368
$684,490,408
$17,488,959
2.6

*Totals may not add due to rounding.