FOR IMMEDIATE RELEASE:
October 10, 2014

FOR INFORMATION CONTACT:
Kim Conroy, Tax Commissioner
402-471-8557

General Fund Receipts — September 2014

LINCOLN — September Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for September were $512 million, which is 6.2% above the certified forecast of $482 million.

• Sales and Use:
    0.1% below forecast
• Individual Income:
    1.9% below forecast
• Corporate Income:
  63.2% above forecast
• Miscellaneous:
  20.3% above forecast

September Tax Refunds: Tax refunds for September were $49 million, which is 10.1% below the certified forecast of $54 million.

September Net Receipts: Net receipts for September were $463 million, which is 8.3% above the certified forecast of $428 million.

• Sales and Use:
    5.7% above forecast
• Individual Income:
    2.1% below forecast
• Corporate Income:
  63.0% above forecast
• Miscellaneous:
  20.3% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-2015 were $1.058 billion, which is 3.6% above the certified forecast of $1.021 billion.

• Sales and Use:
    5.1% above forecast
• Individual Income:
    2.2% below forecast
• Corporate Income:
  49.9% above forecast
• Miscellaneous:
    0.4% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2014. This forecast was adjusted for legislation passed in 2014, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2014.

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

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APPROVED:
Kim Conroy
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2014-2015*

 

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
$241,017,843
$241,911,580
-$ 893,737
-0.4
$241,017,843
$241,911,580
-$  893,737
-0.4
August
354,034,166
351,452,296
2,581,869
0.7
595,052,008
593,363,876
1,688,132
0.3
September 463,293,528 427,835,405 35,458,123 8.3 1,058,345,537 1,021,199,282 37,146,255 3.6

Comparison of Actual and Projected General Fund Receipts by Tax Type
for September 2014 and Cumulative Fiscal Year 2014-2015*

 

September
Actual

September
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$175,627,078 $175,764,363 -$   137,285
-0.1
$  532,315,637
$  533,635,143
-$ 1,319,505 -0.2
Ind. Income Tax
225,636,397
229,929,976
-4,293,579
-1.9
522,624,343
533,056,903
-10,432,560
-2.0
Corp. Income Tax
71,909,948
44,074,287
27,835,661
63.2
93,085,573
64,938,844
28,146,728
43.3
Misc. Taxes
38,939,692
32,380,212
6,559,480 20.3
63,898,961
63,641,260
257,701
0.4
Total Gross
$512,113,115
$482,148,839
$29,964,276
6.2
$1,211,924,514
$1,195,272,150
$16,652,364 1.4
Refunds
Total Refunds

$48,819,586

$54,313,433
-$5,493,847
-10.1
$153,578,978
$174,072,868
-$20,493,891
-11.8
Net Receipts
Sales & Use Tax
$135,199,182
$127,960,153
$ 7,239,029
5.7
$  407,726,107
$  387,817,314
$19,908,792
5.1
Ind. Income Tax
220,661,047
225,485,729
-4,824,682
-2.1
501,298,601
512,790,507
-11,491,906
-2.2
Corp. Income Tax
68,493,866
42,017,412
26,476,454
63.0
85,422,428
56,976,536
28,445,892
49.9
Misc. Taxes
38,939,433
32,372,111
6,567,322
20.3
63,898,401
63,614,924
283,477
0.4
Total Net
$463,293,528
$427,835,405
$35,458,123
8.3

$1,058,345,537

$1,021,199,282
$37,146,255
3.6


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 28, 2014 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2014.