FOR IMMEDIATE RELEASE

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

General Fund Receipts — November 2017

DECEMBER 15, 2017 (LINCOLN, NEB.) — November Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for November were $453 million, which is 1.0% below the certified forecast of $457 million.

• Gross Sales and Use:
    0.5% below forecast
• Gross Individual Income:
    0.2% above forecast
• Gross Corporate Income:
 39.1% below forecast
• Gross Miscellaneous:
    7.9% below forecast

November Tax Refunds: Tax refunds for November were $77 million, which is 3.2% below the certified forecast of $80 million.

November Net Receipts: Net receipts for November were $376 million, which is 0.6% below the certified forecast of $378 million.

• Net Sales and Use:
        3.0% below forecast
• Net Individual Income:
        2.1% above forecast
• Net Corporate Income:
 8010.8% below forecast
• Net Miscellaneous:
        7.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $1.749 billion, which is .1% below the certified forecast of $1.751 billion.

• Net Sales and Use:
    0.5% below forecast
• Net Individual Income:
    0.6% above forecast
• Net Corporate Income:
    3.3% below forecast
• Net Miscellaneous:
    0.9% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board 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.

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

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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
November 375,539,555 377,700,612 -2,161,056 -0.6 1,749,098,018 1,751,259,074 -2,161,056 -0.1

 

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

 

November
Actual

November
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$179,262,376 $180,162,945 -$ 900,569 -0.5 $ 934,174,139 $ 935,074,712 -$  900,572 -0.1
Ind. Income Tax
257,892,858 257,472,905 419,953 0.2 949,178,927 948,758,974 419,952 0.0
Corp. Income Tax
5,249,689 8,625,779 -3,376,090 -39.1 98,336,975 101,713,067 419,952 -3.3
Misc. Taxes
10,186,043 11,060,026 -873,983 -7.9 95,235,956 96,109,937 -873,982 -0.9
Total Gross
$452,590,966
$457,321,655
-$4,730,689
-1.0
$2,076,925,997
$2,081,656,690
-$4,730,694
-0.2
Refunds
Total Refunds

$77,051,411

$79,621,043
-$2,569,633
-3.2
$327,827,979
$330,397,616
-$2,569,637
-0.8
Net Receipts
Sales & Use Tax
$119,608,722 $123,326,607 -$3,717,885 -3.0 $  682,319,622 $  686,037,507 -$3,717,885 -0.5
Ind. Income Tax
248,382,768 243,288,504 5,094,265 2.1 894,616,861 889,522,595 5,094,266 0.6
Corp. Income Tax
-2,637,589 33,342 -2,670,930 -8010.8 77,420,236 80,091,169 -2,670,933 -3.3
Misc. Taxes
10,185,653 11,052,159 -866,506 -7.8 94,741,299 95,607,803 -866,505 -0.9
Total Net
$375,539,555
$377,700,612 -$2,161,056
-0.6
$1,749,098,018
$1,751,259,074
-$2,161,056
-0.1

*Totals may not add due to rounding.