FOR IMMEDIATE RELEASE:
October 10, 2013

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604

General Fund Receipts — September 2013

LINCOLN — September Gross Receipts: Tax Commissioner Doug Ewald reported that gross General Fund receipts for September were $473 million, which is 4.8% above the certified forecast of $452 million.

• Gross Sales and Use:
    0.1% below forecast
• Gross Individual Income:
  10.2% above forecast
• Gross Corporate Income:
    7.9% above forecast
• Gross Miscellaneous:
    6.8% below forecast

September Tax Refunds: Tax refunds for September were $47 million, which is 10.2% below the certified forecast of $52 million.

September Net Receipts: Net receipts for September were $426 million, which is 6.7% above the certified forecast of $400 million.

• Net Sales and Use:
    2.6% above forecast
• Net Individual Income:
  10.3% above forecast
• Net Corporate Income:
  13.3% above forecast
• Net Miscellaneous:
    6.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $999 million, which is 3.2% above the certified forecast of $969 million.

• Net Sales and Use:
    1.2% above forecast
• Net Individual Income:
    4.6% above forecast
• Net Corporate Income:
  14.9% above forecast
• Net Miscellaneous:
    7.0% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 25, 2013. This forecast was adjusted for legislation passed in 2013, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2013.

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 2013-2014*

 

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
$231,361,095
$224,929,536
$6,431,560
2.9
$231,361,095
$224,929,536
$6,431,560
2.9
August
341,465,610
344,070,324
-2,604,714
-0.8
572,826,705
568,999,859
3,826,846
0.7
September 426,483,667 399,648,227 26,835,440 6.7 999,310,372 968,648,087 30,662,286 3.2

Comparison of Actual and Projected General Fund Receipts by Tax Type
for September 2013 and Cumulative Fiscal Year 2013-2014*

 

September
Actual

September
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$168,590,725
$168,790,417
$    -99,692
-0.1
$  513,715,065
$  508,521,904
$ 5,193,161
1.0
Ind. Income Tax
222,595,438
201,999,945
20,595,493
10.2
504,224,920
483,402,237
20,822,683
4.3
Corp. Income Tax
48,625,895
45,073,438
3,552,457
7.9
69,129,853
68,143,715
986,138
1.4
Misc. Taxes
33,397,538
35,827,174
-2,429,636 -6.8
55,378,651
59,588,929
-4,210,277
-7.1
Total Gross
$473,209,596 $451,690,974 $21,518,622 4.8 $1,142,448,489 $1,119,656,784 $22,791,704 2.0
Refunds
Total Refunds
$46,725,929 $52,042,747 $-5,316,818 -10.2 $143,138,116 $151,008,698 $-7,870,582 -5.2
Net Receipts
Sales & Use Tax
$127,082,249
$123,804,189
$ 3,278,060
2.6
$393,464,772
$388,731,135
$ 4,733,637
1.2
Ind. Income Tax
218,265,025
197,893,397
20,371,629
10.3
484,314,434
462,806,149
21,508,285
4.6
Corp. Income Tax
47,738,925
42,132,356
5,606,569
13.3
66,152,736
57,549,265
8,603,470
14.9
Misc. Taxes
33,397,468
35,818,286
-2,420,818
-6.8
55,378,431
59,561,538
-4,183,107
-7.0
Total Net
$426,483,667
$399,648,227
$26,835,440
6.7

$999,310,372

$968,648,087
$30,662,286
3.2
*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 25, 2013 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2013.