FOR IMMEDIATE RELEASE:
February 10, 2011

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Chief Economist
(402) 471-5700

GENERAL FUND RECEIPTS — January 2011

LINCOLN — January Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for January were $348 million, which is 2.8% above the certified forecast of $338 million.

• Gross Sales and Use:     0.8% below forecast
• Gross Individual Income:     9.9% above forecast
• Gross Corporate Income:   16.7% below forecast
• Gross Miscellaneous:   10.5% below forecast

January Tax Refunds: Tax refunds for January were $58 million, which is 17.9% above the certified forecast of $49 million.

January Net Receipts: Net receipts for January were $290 million, which is 0.2% above the certified forecast of $289 million.

• Net Sales and Use:     2.8% below forecast
• Net Individual Income:     6.7% above forecast
• Net Corporate Income:   31.5% below forecast
• Net Miscellaneous:   10.5% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $1,915 million, which is 0.8% above the certified forecast of $1,899 million.

• Net Sales and Use:     0.1% below forecast
• Net Individual Income:     3.1% above forecast
• Net Corporate Income:

  16.7% below forecast

• Net Miscellaneous:     1.5% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. This forecast was adjusted for legislation passed in 2010, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2010. The Board met on October 29, 2010 and revised the forecast for the current fiscal year downward by $58.2 million. Receipts in this forecast are compared to the forecast certified on November 10, 2010. .

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 2010-2011*

 

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
$179,591,989
$179,591,989
0
0.0
$179,591,989
$ 179,591,989
0
0.0
August
321,595,200
321,595,200
0
0.0
501,187,189
501,187,189
0
0.0
September 340,792,100 340,792,100 0 0.0 841,979,289 841,979,289 0 0.0
October 191,162,664 191,162,664 0 0.0 1,033,141,952 1,033,141,952 0 0.0
November 294,317,381 285,861,000 8,456,381 3.0 1,327,459,333 1,319,003,000 8,456,333 0.6
December 297,308,646 290,516,000 6,792,646 2.3 1,624,767,980 1,609,519,000 15,248,980 0.9
January 289,870,265 289,210,000 660,265 0.2 1,914,638,244 1,898,729,000 15,909,244 0.8

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2011 and Cumulative Fiscal Year 2010-2011*

  JANUARY
ACTUAL
JANUARY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$177,170,915
$178,543,000
-$ 1,372,085
-0.8
$1,046,578,618
$1,050,472,000
-$3,893,382
-0.4
Ind. Income Tax
152,196,363
138,497,000
13,699,363
9.9
989,991,442
961,853,000
28,138,442
2.9
Corp. Income Tax
8,480,398
10,182,000
-1,701,602
-16.7
104,118,291
112,405,000
-8,286,709
-7.4
Misc. Taxes
10,003,143
11,180,000
-1,176,857
-10.5
113,309,934
115,003,000
-1,693,066
-1.5
Total Gross
$347,850,819 $338,402,000 $ 9,448,819 2.8 $2,253,998,284 $2,239,731,000 $14,267,284 0.6
REFUNDS
Total Refunds
$57,980,555 $49,192,000 $8,788,555 17.9 $339,360,040 $341,002,000 -$1,641,960 -0.5
NET RECEIPTS
Sales & Use Tax
$140,732,120
$144,859,000
-$4,126,880
-2.8
$815,270,947
$816,043,000
-$ 772,053
-0.1
Ind. Income Tax
133,749,348
125,307,000
8,442,348
6.7
936,590,968
908,280,000
28,310,968
3.1
Corp. Income Tax
5,385,653
7,868,000
-2,482,347
-31.5
49,511,825
59,420,000
-9,908,175
-16.7
Misc. Taxes
10,003,143
11,176,000
-1,172,857
-10.5
113,264,504
114,988,000
-1,723,496
-1.5
Total Net
$289,870,265
$289,210,000
$ 660,265
0.2

$1,914,638,244

$1,898,729,000
$15,909,244
0.8

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October 29, 2010 meeting of the Nebraska Economic Forecasting Advisory Board and recertified on November 10, 2010.