FOR IMMEDIATE RELEASE:
October 8, 2010

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Chief Economist
(402) 471-5700

GENERAL FUND RECEIPTS — September 2010

LINCOLN — September Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for September were $380 million, which is 0.5% below the certified forecast of $382 million.

• Gross Sales and Use:     0.1% below forecast
• Gross Individual Income:     0.6% above forecast
• Gross Corporate Income:     6.3% below forecast
• Gross Miscellaneous:     1.7% below forecast

September Tax Refunds: Tax refunds for September were $40 million, which is 6.5% below the certified forecast of $42 million.

September Net Receipts: Net receipts for September were $341 million, which is 0.3% above the certified forecast of $340 million.

• Net Sales and Use:     2.2% above forecast
• Net Individual Income:     1.1% above forecast
• Net Corporate Income:     8.3% below forecast
• Net Miscellaneous:     1.7% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $842 million, which is 1.1% below the certified forecast of $852 million.

• Net Sales and Use:     0.2% above forecast
• Net Individual Income:     0.0% above forecast
• Net Corporate Income:

  37.6% below forecast

• Net Miscellaneous:     5.3% above forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. This forecast was adjusted for legislation passed in 2010, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2010.

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 2010-2011*

 

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
$179,591,989
$198,645,000
-19,053,011
-9.6
$179,591,989
$198,645,000
-19,053,011
-9.6
August
321,595,200
313,026,000
8,569,200
2.7
501,187,189
511,671,000
-10,483,811
-2.0
September 340,792,100 339,933,000 859,100 0.3 841,979,289 851,604,000 -9,624,711 -1.1

Comparison of Actual and Projected General Fund Receipts by Tax Type
for September 2010 and Cumulative Fiscal Year 2010-2011*

  SEPTEMBER
ACTUAL
SEPTEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$145,646,015
$145,770,000
-$ 123,985
-0.1
$441,836,744
$446,214,000
-$4,377,256
-1.0
Ind. Income Tax
166,478,825
165,435,000
1,043,825
0.6
426,447,414
428,544,000
-2,096,586
-0.5
Corp. Income Tax
33,082,859
35,291,000
-2,208,141
-6.3
48,913,177
46,895,000
2,018,177
4.3
Misc. Taxes
35,170,503
35,789,000
-618,497
-1.7
61,726,460
58,617,000
3,109,460
5.3
Total Gross
$380,378,202 $382,286,000 -$1,907,798 -0.5 $978,923,795 $980,272,000 -$1,348,205 -0.1
REFUNDS
Total Refunds
$39,586,102 $42,353,000 -$2,766,898 -6.5 $136,944,506 $128,667,000 $8,277,506 6.4
NET RECEIPTS
Sales & Use Tax
$113,508,460
$111,049,000
$2,459,460
2.2
$346,235,880
$345,504,000
$ 731,880
0.2
Ind. Income Tax
162,385,865
160,674,000
1,711,865
1.1
411,554,181
411,490,000
64,181
0.0
Corp. Income Tax
29,727,416
32,428,000
-2,700,584
-8.3
22,466,596
36,015,000
-13,548,404
-37.6
Misc. Taxes
35,170,359
35,782,000
-611,641
-1.7
61,722,632
58,595,000
3,127,632
5.3
Total Net
$340,792,100
$339,933,000
$ 859,100
0.3

$841,979,289

$851,604,000
-$ 9,624,711
-1.1

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 26, 2010 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 15, 2010.