FOR IMMEDIATE RELEASE

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

General Fund Receipts — October 2016

NOVEMBER 10, 2016 (LINCOLN, NEB.) — October Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for October were $304 million, which is equal to the certified forecast of $304 million.

• Gross Sales and Use:
equals forecast1
• Gross Individual Income:
equals forecast
• Gross Corporate Income:
equals forecast
• Gross Miscellaneous:
equals forecast

October Tax Refunds: Tax refunds for October were $71 million, which is equal to the certified forecast of $71 million.

October Net Receipts: Net receipts for October were $233 million, which is equal to the certified forecast of $233 million.

• Net Sales and Use:
 equals forecast
• Net Individual Income:
equals forecast
• Net Corporate Income:
 equals forecast
• Net Miscellaneous:
equals forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $1.315 billion, which is equal to the certified forecast of $1.315 billion.

• Net Sales and Use:
equals forecast
• Net Individual Income:
equals forecast
• Net Corporate Income:
equals forecast
• Net Miscellaneous:
equals forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 28, 2016. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on November 9, 2016. The Board revised the forecast for the current fiscal year downward by $172 million to $4.395 billion. By law, downward revisions to the forecast are recertified.

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

1The comparisons in this report are to the recertified forecast, which uses October’s actual receipts. There is, therefore, no discrepancy between actual and forecasted receipts.

##

Nebraska 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
$234,585,207 $7
0.0
$234,585,213
$ 234,585,207
$ 7
0.0
August
410,484,016
410,484,018
-2
0.0
645,069,230
645,069,225
5
0.0
September 437,022,598 437,022,593 5 0.0 1,082,091,827 1,082,091,818 10 0.0
October 233,404,182 233,404,186 -4 0.0 1,315,496,010 1,315,496,004 5 0.0

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

 

October
Actual

October
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$182,509,839 $182,509,840 $0 0.0 $  748,815,083 $  748,815,081 $2 0.0
Ind. Income Tax
98,824,995
98,824,998
-2
0.0
682,867,148
682,867,149
-1
0.0
Corp. Income Tax
12,696,481
12,696,480
0
0.0
78,604,415
78,604,418
-2
0.0
Misc. Taxes
9,993,580
9,993,580
0 0.0
74,804,135
74,804,132 2 0.0
Total Gross
$304,024,895
$304,024,898
-$2
0.0
$1,585,090,781
$1,585,090,781
$1 0.0
Refunds
Total Refunds

$70,620,713

$70,620,711
2 0.0
$269,594,772
$269,594,776
-$5
0.0
Net Receipts
Sales & Use Tax
$134,515,079
$134,515,079
-$1
0.0
$  540,709,314
$  540,709,307
$7
0.0
Ind. Income Tax
85,475,324
85,475,327
-3
0.0
648,903,648
648,903,649
-1 0.0
Corp. Income Tax
3,420,578
3,420,579
-1 0.0
51,080,205
51,080,207
-3 0.0
Misc. Taxes
9,993,201
9,993,201
0 0.0 74,802,843 74,802,841
2
0.0
Total Net
$233,404,182
$233,404,186
-$4 0.0

$1,315,496,010

$1,315,496,004
$5
0.0


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October, 2016 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 9, 2016.