FOR IMMEDIATE RELEASE:
December 10, 2012

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604

GENERAL FUND RECEIPTS — NOVEMBER 2012

LINCOLN — November Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for November were $369 million, which is 0.1% above the certified forecast of $368 million.

• Gross Sales and Use:
    3.0% above forecast
• Gross Individual Income:
    3.3% below forecast
• Gross Corporate Income:
  27.6% below forecast
• Gross Miscellaneous:
  72.7% above forecast

November Tax Refunds: Tax refunds for November were $54 million, which is 3.9% below the certified forecast of $56 million.

November Net Receipts: Net receipts for November were $315 million, which is 0.8% above the certified forecast of $312 million.

• Net Sales and Use:
    0.7% above forecast
• Net Individual Income:
    2.4% below forecast
• Net Corporate Income:
  76.1% above forecast
• Net Miscellaneous:
  72.5% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $1.49 billion, which is 2.6% above the certified forecast of $1.46 billion.

• Net Sales and Use:
    0.2% above forecast
• Net Individual Income:
    3.9% above forecast
• Net Corporate Income:
  16.0% above forecast
• Net Miscellaneous:
    0.8% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012. On October 26, 2012, the forecasting board met and revised the forecast for the current year upward by $57.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made in the basis if the forecast certified on July 16, 2012.

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

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2012-2013*

 

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
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
-1.2
556,490,810
548,893,000
7,597,810
1.4
September 393,941,658 365,444,000 28,517,658 7.8 950,432,468 914,337,000 36,115,468 3.9
October 228,084,028 228,569,000 -484,972 -0.2 1,178,516,496 1,142,906,000 35,610,496 3.1
November 315,022,112 312,379,000 2,643,112 0.8 1,493,538,608 1,455,285,000 38,253,608 2.6

Comparison of Actual and Projected General Fund Receipts by Tax Type
for November 2012 and Cumulative Fiscal Year 2012-2013*

  NOVEMBER
ACTUAL
NOVEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$154,936,849
$150,409,000
$4,527,849
3.0
$  806,823,045
$  789,355,000
$17,468,045
2.2
Ind. Income Tax
198,129,916
204,860,000
-6,730,084
-3.3
784,842,836
758,448,000
26,394,836
3.5
Corp. Income Tax
4,862,217
6,716,000
-1,853,783
-27.6
85,940,535
84,804,000
1,136,535
1.3
Misc. Taxes
10,727,698
6,211,000
4,516,698
72.7
68,761,800
69,393,000
-631,200
-0.9
Total Gross
$368,656,681 $368,196,000 $  460,681 0.1 $1,746,368,216 $1,701,998,000 $44,370,216 2.6
REFUNDS
Total Refunds
$53,634,569 $55,817,000 -$2,182,431 -3.9 $252,829,608 $246,714,000 $6,115,608 2.5
NET RECEIPTS
Sales & Use Tax
$112,169,281
$111,422,000
$ 747,281
0.7
$  607,503,710
$  606,203,000
$ 1,300,710
0.2
Ind. Income Tax
192,835,373
197,622,000
-4,786,627
-2.4
750,565,294
722,210,000
28,355,294
3.9
Corp. Income Tax
-686,882
-2,872,000
2,185,118
76.1
66,736,611
57,556,000
9,180,611
16.0
Misc. Taxes
10,704,340
6,206,000
4,498,340
72.5
68,732,994
69,314,000
-581,006
-0.8
Total Net
$315,022,112
$312,379,000
$2,643,112
0.8

$1,493,538,608

$1,455,285,000
$38,253,608
2.6

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.