FOR IMMEDIATE RELEASE:
October 9, 2015

FOR INFORMATION CONTACT:
Leonard J. Sloup, Acting Tax Commissioner
402-471-5604

General Fund Receipts — September 2015

LINCOLN —September Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reports that gross General Fund receipts for September were $492 million, which is 4.9% below the certified forecast of $518 million.

• Gross Sales and Use:
    5.5% below forecast
• Gross Individual Income:
    4.7% below forecast
• Gross Corporate Income:
    1.4% below forecast
• Gross Miscellaneous:
    9.8% below forecast

September Tax Refunds: Tax refunds for September were $51.3 million, which is 1.5% above the certified forecast of $50.6 million.

September Net Receipts: Net receipts for September were $441 million, which is 5.6% below the certified forecast of $467 million.

• Net Sales and Use:
    7.8% below forecast
• Net Individual Income:
    4.9% below forecast
• Net Corporate Income:
    0.8% below forecast
• Net Miscellaneous:
    9.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2015-16 were $1.077 billion, which is 1.2% below the certified forecast of $1.090 billion.

• Net Sales and Use:
    3.8% below forecast
• Net Individual Income:
    0.9% above forecast
• Net Corporate Income:
    5.6% above forecast
• Net Miscellaneous:
    9.6% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 30, 2015. This forecast was adjusted for legislation passed in 2015, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2015.

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

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APPROVED:
Leonard J. Sloup
Acting Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2015-2016*

 

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
$250,936,332
$248,037,586
$ 2,898,746
1.2
$250,936,332
$248,037,586
$ 2,898,746
1.2
August
385,186,831
374,949,123
10,237,708
2.7
636,123,163
622,986,709
13,136,454
2.1
September 440,846,015
467,007,378 -26,161,363 -5.6 1,076,969,178 1,089,994,087 -13,024,908 -1.2

Comparison of Actual and Projected General Fund Receipts by Tax Type
for September 2015 and Cumulative Fiscal Year 2015-2016*

 

September
Actual

September
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$172,331,726 $182,372,474 -$10,040,748 -5.5 $  537,858,618 $  556,357,211 -$18,498,592 -3.3
Ind. Income Tax
225,319,061
236,312,546
-10,993,485
-4.7
558,988,388
554,851,133
4,137,255
0.7
Corp. Income Tax
61,911,654
62,767,014
-855,360
-1.4
84,384,950
82,922,442
1,462,508
1.8
Misc. Taxes
32,628,215
36,164,247
-3,536,031 -9.8
56,474,911
62,493,612
-6,018,701
-9.6
Total Gross
$492,190,656
$517,616,280
-$25,425,624
-4.9
$1,237,706,868
$1,256,624,397
-$18,917,530 -1.5
Refunds
Total Refunds

$51,344,641

$50,608,902
$735,739 1.5
$160,737,689
$166,630,311
-$5,892,621
-3.5
Net Receipts
Sales & Use Tax
$128,104,764
$138,964,704
-$10,859,940
-7.8
$  402,303,325
$  418,315,741
-$16,012,416
-3.8
Ind. Income Tax
220,217,941
231,512,939
-11,294,997
-4.9
538,793,424
533,995,567
4,797,858
0.9
Corp. Income Tax
59,895,779
60,367,627
-471,847
-0.8
79,399,145
75,195,820
4,203,325
5.6
Misc. Taxes
32,627,530
36,162,109
-3,534,578
-9.8
56,473,285
62,486,959
-6,013,674
-9.6
Total Net
$440,846,015
$467,007,378
-$26,161,363 -5.6

$1,076,969,178

$1,089,994,087
-$13,024,908
-1.2


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 30, 2015 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 15, 2015.