FOR IMMEDIATE RELEASE

FOR INFORMATION, CONTACT:
Tony Fulton, Tax Commissioner
402-471-5604

General Fund Receipts — September 2016

OCTOBER 14, 2016 (LINCOLN, NEB.) — September Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for September were $507 million, which is 1.6% below the certified forecast of $515 million.

• Gross Sales and Use:
   1.9% above forecast
• Gross Individual Income:
   2.8% below forecast
• Gross Corporate Income:
 15.2% below forecast
• Gross Miscellaneous:
 10.2% above forecast

September Tax Refunds: Tax refunds for September were $70 million, which is 30.5% above the certified forecast of $54 million.

September Net Receipts: Net receipts for September were $437 million, which is 5.3% below the certified forecast of $462 million.

• Net Sales and Use:
   7.6% below forecast
• Net Individual Income:
   3.0% below forecast
• Net Corporate Income:
 19.9% below forecast
• Net Miscellaneous:
 10.2% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $1.082 billion, which is 3.8% below the certified forecast of $1.124 billion.

• Net Sales and Use:
   2.6% below forecast
• Net Individual Income:
   2.0% below forecast
• Net Corporate Income:
 36.0% below forecast
• Net Miscellaneous:
 11.3% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2016. This forecast was adjusted for legislation passed in 2016, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2016.

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

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DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2016-2017*

 

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
$234,585,213
$253,766,000 -$19,180,787
-7.6
$234,585,213
$253,766,000
-$19,180,787
-7.6
August
410,484,016
408,951,000
1,533,016
0.4
645,069,230
662,717,000
-17,647,770
-2.7
September 437,022,598 461,716,000 -24,693,402 -5.3 1,082,091,827 1,124,433,000 -42,341,173 -3.8

Comparison of Actual and Projected General Fund Receipts by Tax Type
for September 2016 and Cumulative Fiscal Year 2016-2017*

 

September
Actual

September
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$185,381,676 $181,837,000 $3,544,676 1.9 $  566,305,244 $  562,359,000 $ 3,946,244 0.7
Ind. Income Tax
233,058,053
239,870,000
-6,811,947
-2.8
584,042,153
594,438,000
-10,395,847
-1.7
Corp. Income Tax
48,912,957
57,660,000
-8,747,043
-15.2
65,907,934
81,640,000
-15,732,066
-19.3
Misc. Taxes
39,676,564
35,998,000
3,678,564 10.2
64,810,554
58,231,000 6,579,554 11.3
Total Gross
$507,029,249
$515,366,000
-$8,336,751
-1.6
$1,281,065,886
$1,296,669,000
-$15,603,114 -1.2
Refunds
Total Refunds

$70,006,652

$53,649,000
$16,357,652 30.5
$198,974,059
$172,235,000
$26,739,059
15.5
Net Receipts
Sales & Use Tax
$125,544,372
$135,887,000
-$10,342,628
-7.6
$  406,194,235
$  417,059,000
-$10,864,765
-2.6
Ind. Income Tax
227,854,117
234,967,000
-7,112,883
-3.0
563,428,323
574,707,000
-11,278,677 -2.0
Corp. Income Tax
43,948,388
54,870,000
-10,921,612 -19.9
47,659,627
74,454,000
-26,794,373 -36.0
Misc. Taxes
39,675,722
35,992,000
3,683,722 10.2 64,809,642 58,213,000
6,596,642
11.3
Total Net
$437,022,598
$461,716,000
-$24,693,402 -5.3

$1,082,091,827

$1,124,433,000
-$42,341,173
-3.8


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February, 2016 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 13, 2016.