FOR IMMEDIATE RELEASE:
October 10, 2012

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

GENERAL FUND RECEIPTS —SEPTEMBER 2012

LINCOLN — September Gross Receipts: Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for September were $444 million, which is 8.2% above the certified forecast of $411 million.

• Gross Sales and Use:
    3.9% above forecast
• Gross Individual Income:
  13.7% above forecast
• Gross Corporate Income:
    0.1% above forecast
• Gross Miscellaneous:
    7.6% above forecast

September Tax Refunds: Tax refunds for September were $50 million, which is 11.0% above the certified forecast of $45 million.

September Net Receipts: Net receipts for September were $394 million, which is 7.8% above the certified forecast of $365 million.

• Net Sales and Use:
    1.5% below forecast
• Net Individual Income:
  14.6% above forecast
• Net Corporate Income:
    5.3% above forecast
• Net Miscellaneous:
    7.7% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $950 million, which is 3.9% above the certified forecast of $914 million.

• Net Sales and Use:
    1.7% above forecast
• Net Individual Income:
    6.5% above forecast
• Net Corporate Income:
    0.5% below forecast
• Net Miscellaneous:
    2.0% above forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012.

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 2012-2013*

 

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
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
-1.2
556,490,810
548,893,000
7,597,810
1.4
September 393,941,658 365,444,000 28,517,658 7.8 950,432,468 914,337,000 36,115,468 3.9

Comparison of Actual and Projected General Fund Receipts by Tax Type
for September 2012 and Cumulative Fiscal Year 2012-2013*

  SEPTEMBER
ACTUAL
SEPTEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$163,866,809
$157,743,000
$ 6,123,809
3.9
$  494,571,913
$  477,931,000
$16,640,913
3.5
Ind. Income Tax
207,778,834
182,680,000
25,098,834
13.7
495,124,062
466,889,000
28,235,062
6.0
Corp. Income Tax
41,104,450
41,071,000
33,450
0.1
61,882,925
61,739,000
143,925
0.2
Misc. Taxes
31,257,146
29,048,000
2,209,146
7.6
53,417,406
52,446,000
971,406
1.9
Total Gross
$444,007,238 $410,541,000 $33,466,238 8.2 $1,104,996,306 $1,059,003,000 $45,993,306 4.3
REFUNDS
Total Refunds
$50,065,580 $45,097,000 $4,968,580 11.0 $154,563,838 $144,667,000 $9,896,838 6.8
NET RECEIPTS
Sales & Use Tax
$118,740,236
$120,503,000
-$ 1,762,764
-1.5
$372,595,519
$366,205,000
$ 6,390,519
1.7
Ind. Income Tax
203,771,210
177,767,000
26,004,210
14.6
474,639,067
445,701,000
28,938,067
6.5
Corp. Income Tax
40,177,957
38,150,000
2,027,957
5.3
49,785,442
50,043,000
-257,558
-0.5
Misc. Taxes
31,252,255
29,024,000
2,228,255
7.7
53,412,440
52,387,000
1,025,440
2.0
Total Net
$393,941,658
$365,444,000
$28,497,658
7.8

$950,432,468

$914,337,000
$36,095,468
3.9

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.