FOR IMMEDIATE RELEASE:
December 10, 2015

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

General Fund Receipts — November 2015

LINCOLN — November Gross Receipts: Acting Tax Commissioner Leonard J. Sloup reports that gross General Fund receipts for November were $444 million, which is 2.9% above the certified forecast of $431 million.

• Gross Sales and Use:
    0.2% below forecast
• Gross Individual Income:
    1.3% above forecast
• Gross Corporate Income:
101.2% above forecast
• Gross Miscellaneous:
  12.5% above forecast

November Tax Refunds: Tax refunds for November were $74 million, which is 11.9% above the certified forecast of $66 million.

November Net Receipts: Net receipts for November were $370 million, which is 1.2% above the certified forecast of $365 million.

• Net Sales and Use:
    0.4% below forecast
• Net Individual Income:
    0.1% above forecast
• Net Corporate Income:
  99.7% above forecast
• Net Miscellaneous:
  12.7% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2015-16 were $1.672 billion, which is 0.3% above the certified forecast of $1.667 billion.

• Net Sales and Use:
    0.1% below forecast
• Net Individual Income:
    0.0% above forecast
• Net Corporate Income:
    3.9% above forecast
• Net Miscellaneous:
    1.8% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 30, 2015. 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, 2015. At the October 30th meeting, the Board 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.

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
$250,936,332
$         0
0.0
$  250,936,332
$  250,936,332
$         0
0.0
August
385,186,831
385,186,831
0
0.0
636,123,163
636,123,163
0
0.0
September 440,846,015 440,846,015 0 0.0 1,076,969,178 1,076,969,178 0 0.0
October 225,230,579 225,230,579 0 0.0 1,302,199,757 1,302,199,757 0 0.0
November 369,731,822 365,282,409 4,449,413 1.2 1,671,931,579 1,667,482,183 4,449,396 0.3

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

 

November
Actual

November
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$172,499,468 $172,778,703 -$   279,235 -0.2 $  889,403,563 $  889,682,806 -$   279,242 0.0
Ind. Income Tax
243,077,630
240,033,308
3,044,321
1.3
897,735,907
894,691,587
3,044,320
0.3
Corp. Income Tax
16,384,201
8,141,729
8,242,472
101.2
114,269,209
106,026,733
8,242,476
7.8
Misc. Taxes
11,675,000
10,374,383
1,300,616 12.5
75,027,772
73,727,159
1,300,612
1.8
Total Gross
$443,636,299
$431,328,123
$12,308,175
2.9
$1,976,436,451
$1,964,128,285
$12,308,166 0.6
Refunds
Total Refunds

$73,904,477

$66,045,715
$7,858,762 11.9
$304,504,872
$296,646,102
$7,858,771
2.6
Net Receipts
Sales & Use Tax
$119,472,678
$119,975,309
-$  502,631
-0.4
$  656,504,349
$  657,006,995
-$  502,645
-0.1
Ind. Income Tax
231,970,791
231,634,353
336,437
0.1
851,957,278
851,620,842
336,436
0.0
Corp. Income Tax
6,613,911
3,311,843
3,302,068
99.7
88,451,195
85,149,125
3,302,071
3.9
Misc. Taxes
11,674,442
10,360,903
1,313,538
12.7
75,018,756
73,705,222
1,313,534
1.8
Total Net
$369,731,822
$365,282,409
$4,449,413 1.2

$1,671,931,579

$1,667,482,183
$4,449,396
0.3


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October 30, 2015 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 13, 2015.