FOR IMMEDIATE RELEASE

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

General Fund Receipts — October 2018

November 15, 2018 (LINCOLN, NEB.) — October Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for October were $331 million, which is 3.2% below the certified forecast of $342 million.

• Gross Sales and Use:
    1.2% above forecast
• Gross Individual Income:
    3.9% below forecast
• Gross Corporate Income:
  34.6% below forecast
• Gross Miscellaneous:
  23.4% below forecast

October Tax Refunds: Tax refunds for October were $84 million, which is 12.0% above the certified forecast of $75 million.

October Net Receipts: Net receipts for October were $247 million, which is 7.4% below the certified forecast of $267 million.

• Net Sales and Use:
    1.4% above forecast
• Net Individual Income:
  11.0% below forecast
• Net Corporate Income:
  84.6% below forecast
• Net Miscellaneous:
  23.2% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2018-19 were $1.459 billion, which is 3.1% above the certified forecast of $1.416 billion.

• Net Sales and Use:
    2.2% above forecast
• Net Individual Income:
    4.7% above forecast
• Net Corporate Income:
    8.5% above forecast
• Net Miscellaneous:
  10.1% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2018. This forecast was adjusted for legislation passed in 2018, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2018. On October 26, 2018, the Board met and revised the forecast for the current fiscal year upward by $69 million to $4.800 billion. By law, only downward revisions to the forecast are certified, so the comparisons made in this release are still based on the forecast certified on July 13, 2018.

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

##

Nebraska Department of Revenue

Administrative Services Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2018-2019*

 

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 $279,849,780 $259,542,642 $20,307,138 7.8 $279,849,780 $259,542,642 $20,307,138 7.8
August 422,129,588 424,947,767 -2,818,179 -0.7 701,979,368 684,490,408 17,488,959 2.6
September 510,217,946 464,358,313 45,859,632 9.9 1,212,197,313 1,148,848,722 63,348,591 5.5
October 247,188,116 267,075,636 -19,887,520 -7.4 1,459,385,429 1,415,924,358 1,415,924,358 3.1

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for October 2018 and Cumulative Fiscal Year 2018-2019*

 

October
Actual

October
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$200,104,919 $197,697,067 $ 2,407,852 1.2 $  798,499,320 $  794,093,177 $ 4,406,143 0.6
Ind. Income Tax
110,965,963 115,447,247 -4,481,284 -3.9 753,151,820 717,880,612 35,271,209 4.9
Corp. Income Tax
11,759,375 17,990,662 -6,231,288 -34.6 108,343,516 100,635,820 7,707,697 7.7
Misc. Taxes
8,480,752 11,065,286 -2,584,534 -23.4 71,344,121 78,858,165 -7,514,043 -9.5
Total Gross
$331,311,008
$342,200,263
-$10,889,255
-3.2
$1,731,338,778
$1,691,467,773
$39,871,005
2.4
Refunds
Total Refunds
$84,122,892
$75,124,627
$8,998,265
12.0
$271,953,349
$275,543,415
-$3,590,066
-1.3
Net Receipts
Sales & Use Tax
$147,148,069 $145,070,954 $  2,077,116 1.4 $  593,049,649 $  580,176,600 $12,873,049 2.2
Ind. Income Tax
90,060,166 101,220,664 -11,160,498 -11.0 705,968,165 674,467,428 31,500,737 4.7
Corp. Income Tax
1,500,275 9,744,015 -8,243,740 -84.6 89,576,428 82,529,733 7,046,695 8.5
Misc. Taxes
8,479,606 11,040,003 -2,560,397 -23.2 70,791,188 78,750,597 -7,959,410 -10.1
Total Net
$247,188,116
$267,075,636 -$19,887,520
-7.4
$1,459,385,429
$1,415,924,358
$43,461,071
3.1

*Totals may not add due to rounding.