FOR IMMEDIATE RELEASE:
January 10, 2014

FOR INFORMATION CONTACT:
Kim Conroy, Tax Commissioner
402-471-8557

General Fund Receipts — December 2013

LINCOLN — December Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for December were $405 million, which is 0.6% above the certified forecast of $403 million.

• Gross Sales and Use:
    3.8% below forecast
• Gross Individual Income:
    2.9% above forecast
• Gross Corporate Income:
  10.2% above forecast
• Gross Miscellaneous:
  10.4% below forecast

December Tax Refunds: Tax refunds for December were $56.9 million, which is 0.2% above the certified forecast of $56.8 million.

December Net Receipts: Net receipts for December were $348 million, which is 0.7% above the certified forecast of $346 million.

• Net Sales and Use:
    9.4% below forecast
• Net Individual Income:
    5.0% above forecast
• Net Corporate Income:
  16.0% above forecast
• Net Miscellaneous:
  10.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $1.906 billion, which is 2.7% above the certified forecast of $1.856 billion.

• Net Sales and Use:
    0.9% above forecast
• Net Individual Income:
    3.8% above forecast
• Net Corporate Income:
  14.5% above forecast
• Net Miscellaneous:
    8.2% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board (Board) on April 25, 2013. This forecast was adjusted for legislation passed in 2013, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2013. On October 24, 2013, the Board met and revised the forecast for the current fiscal year upward by $46 million to $4.067 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 11, 2013.

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

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APPROVED:
Kim Conroy
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2013-2014*

 

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
$231,361,095
$224,929,536
$6,431,560
2.9
$231,361,095
$224,929,536
$6,431,560
2.9
August
341,465,610
344,070,324
-2,604,714
-0.8
572,826,705
568,999,859
3,826,846
0.7
September 426,483,667 399,648,227 26,835,440 6.7 999,310,372 968,648,087 30,662,286 3.2
October 230,928,322 229,163,79 1,764,523 0.8 1,230,238,695 1,197,811,886 32,426,809 2.7
November 327,065,697 311,760,913 15,304,783 4.9 1,557,304,392 1,509,572,799 47,731,592 3.2
December 348,464,354 346,113,919 2,350,436 0.7 1,905,768,746 1,855,686,718 50,082,028 2.7

Comparison of Actual and Projected General Fund Receipts by Tax Type
for December 2013 and Cumulative Fiscal Year 2013-2014*

 

December
Actual

December
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$161,474,114
$167,842,960
-$6,368,846
-3.8
$1,017,429,267
$1,001,236,899
$16,192,368
1.6
Ind. Income Tax
179,514,337
174,437,274
5,077,063
2.9
980,450,703
944,867,536
35,583,167
3.8
Corp. Income Tax
53,813,856
48,832,310
4,981,546
10.2
146,242,732
142,620,196
3,622,536
2.5
Misc. Taxes
10,536,311
11,756,965
-1,220,654 -10.4
81,427,195
88,647,948
-7,220,753
-8.1
Total Gross
$405,338,618 $402,869,509 $2,469,109 0.6 $2,225,549,896 $2,177,372,579 $48,177,318 2.2
Refunds
Total Refunds

$56,874,263

$56,755,590 $118,673 0.2 $319,781,150 $321,685,860 $-1,904,710 -0.6
Net Receipts
Sales & Use Tax
$112,179,531
$123,825,033
$-11,645,501
-9.4
$  757,689,669
$  751,151,420
$ 6,538,250
0.9
Ind. Income Tax
175,661,079
167,293,585
8,367,494
5.0
939,869,086
905,115,542
34,753,543
3.8
Corp. Income Tax
50,144,504
43,241,753
6,902,751
16.0
126,840,452
110,824,586
16,015,866
14.5
Misc. Taxes
10,479,240
11,753,548
-1,274,308
-10.8
81,369,539
88,595,171
-7,225,632
-8.2
Total Net
$348,464,354
$346,113,919
$  2,350,436
0.7

$1,905,768,746

$1,855,686,718
$50,082,028
2.7
*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 25, 2013 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2013.