FOR IMMEDIATE RELEASE:
November 10, 2015

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

General Fund Receipts — October 2015

LINCOLN — October Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reports that gross General Fund receipts for October were $295 million, which is 4.7% below the certified forecast of $309 million.

• Gross Sales and Use:
    3.0% below forecast
• Gross Individual Income:
    5.6% below forecast
• Gross Corporate Income:
  22.4% below forecast
• Gross Miscellaneous:
  13.3% above forecast

October Tax Refunds: Tax refunds for October were $70 million, which is 10.0% above the certified forecast of $64 million.

October Net Receipts
: Net receipts for October were $225 million, which is 8.4% below the certified forecast of $246 million.

• Net Sales and Use:
    3.0% below forecast
• Net Individual Income:
    7.4% below forecast
• Net Corporate Income:
  81.6% below forecast
• Net Miscellaneous:
  13.2% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2015-16 were $1.302 billion, which is 2.5% below the certified forecast of $1.336 billion.

• Net Sales and Use:
    3.6% below forecast
• Net Individual Income:
    0.3% below forecast
• Net Corporate Income:
    7.5% below forecast
• Net Miscellaneous:
    7.6% 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. On October 30, 2015, the Board met and revised the forecast for the current fiscal year downward by $70.9 million to $4.403 billion. By law, downward revisions to the forecast are recertified, so the Board’s new forecast will be certified by November 15, 2015. November receipts will be compared to the revised forecast.

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
October 225,230,579 245,969,017 -20,738,438 -8.4 1,302,199,757 1,335,963,104 -33,763,347 -2.5

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

 

October
Actual

October
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$179,045,477 $184,671,747 -$5,626,270 -3.0 $  716,904,096 $  741,028,958 -$24,124,862 -3.3
Ind. Income Tax
95,669,890
101,350,163
-5,680,273
-5.6
654,658,277
656,201,296
-1,543,018
-0.2
Corp. Income Tax
13,500,057
17,399,752
-3,899,695
-22.4
97,885,007
100,322,194
-2,437,187
-2.4
Misc. Taxes
6,877,861
6,070,329
807,531 13.3
63,352,772
68,563,942
-5,211,170
-7.6
Total Gross
$295,093,285
$309,491,991
-$14,398,707
-4.7
$1,532,800,152
$1,566,116,389
-$33,316,237 -2.1
Refunds
Total Refunds

$69,862,706

$63,522,974
$6,339,732 10.0
$230,600,395
$230,153,285
$447,110
0.2
Net Receipts
Sales & Use Tax
$134,728,346
$138,962,800
-$ 4,234,454
-3.0
$  537,031,671
$  557,278,541
-$20,246,870
-3.6
Ind. Income Tax
81,193,063
87,679,495
-6,486,431
-7.4
619,986,488
621,675,061
-1,688,574
-0.3
Corp. Income Tax
2,438,139
13,258,534
-10,820,394
-81.6
81,837,284
88,454,354
-6,617,070
-7.5
Misc. Taxes
6,871,030
6,068,189
802,841
13.2
63,344,314
68,555,148
-5,210,834
-7.6
Total Net
$225,230,579
$245,969,017
-$20,738,438 -8.4

$1,302,199,757

$1,335,963,104
-$33,763,347
-2.5


*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.