FOR IMMEDIATE RELEASE

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

General Fund Receipts — October 2017

NOVEMBER 15, 2017 (LINCOLN, NEB.) — October Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for October were $315 million, which is equal to the certified forecast of $315 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 $70 million, which is equal to the certified forecast of $70 million.

October Net Receipts: Net receipts for October were $245 million, which is equal to the certified forecast of $245 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 2017-18 were $1.374 billion, which is equal to the certified forecast of $1.374 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 (NEFAB) on October 27, 2017. 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 13, 2017. The Board revised the forecast for the current fiscal year downward by $100 million to $4.505 billion. By law, downward revisions to the forecast are recertified. If October actual receipts were compared to the April 26, 2017 NEFAB forecast, then the October total Net General Fund Receipts would have been down by $5.39 million.

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

Administrative Services Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2017-2018*

 

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 $267,909,749 $267,909,749 $0 0.0 $267,909,749 $267,909,749 $0 0.0
August 405,007,342 405,007,342 0 0.0 672,917,091 672,917,091 0 0.0
September 456,056,442 456,056,442 0 0.0 1,128,973,533 1,128,973,533 0 0.0
October 244,584,930 244,584,930 0 0.0 1,373,558,463 1,373,558,463 0 0.0

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for October 2017 and Cumulative Fiscal Year 2017-2018*

 

October
Actual

October
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$189,083,989 $189,083,989 $0 0.0 $754,911,763 $754,911,763 $0 0.0
Ind. Income Tax
104,506,497 104,506,497 0 0.0 691,286,069 691,286,069 0 0.0
Corp. Income Tax
11,810,898 11,810,898 0 0.0 93,087,287 93,087,287 0 0.0
Misc. Taxes
9,351,337 9,351,337 0 0.0 85,049,912 85,049,912 0 0.0
Total Gross
$ 70,167,791
$ 70,167,791
$0
0.0
$250,776,568
$250,776,568
$0
0.0
Refunds
Total Refunds

$70,167,791

$70,167,791
$0
0.0
$250,776,568
$250,776,568
$0
0.0
Net Receipts
Sales & Use Tax
$141,886,910 $141,886,910 $0 0.0 $  562,710,900 $  562,710,900 $0 0.0
Ind. Income Tax
89,828,497 89,828,497 0 0.0 646,234,093 646,234,093 0 0.0
Corp. Income Tax
3,632,206 3,632,206 0 0.0 80,057,825 80,057,825 0 0.0
Misc. Taxes
9,237,317 9,237,317 0 0.0 84,555,645 84,555,645 0 0.0
Total Net
$244,584,930
$244,584,930 $0
0.0
$1,373,558,463
$1,373,558,463
$0
0.0

*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the October 2017 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 13, 2017. The comparisons in this report are to the recertified cash flow, which has October as the actual value. Therefore, the percentage errors are zero since the comparison is for actual vs. actual.