FOR IMMEDIATE RELEASE:
February 10, 2012

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

GENERAL FUND RECEIPTS — JANUARY 2012

LINCOLN — January Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for January were $380 million, which is 5.8% above the certified forecast of $359 million.

• Gross Sales and Use:    3.3% above forecast
• Gross Individual Income:    8.5% above forecast
• Gross Corporate Income:  15.3% above forecast
• Gross Miscellaneous:    1.1% above forecast

January Tax Refunds: Tax refunds for January were $47 million, which is 9.3% below the certified forecast of $52 million.

January Net Receipts: Net receipts for January were $333 million, which is 8.3% above the certified forecast of $307 million.

• Net Sales and Use:     5.8% above forecast
• Net Individual Income:   10.9% above forecast
• Net Corporate Income:   22.1% above forecast
• Net Miscellaneous:     1.1% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $2,057 million, which is 1.9% above the certified forecast of $2,019 million.

• Net Sales and Use:     1.0% above forecast
• Net Individual Income:     1.8% above forecast
• Net Corporate Income:

  23.1% above forecast

• Net Miscellaneous:    7.7% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July 12.

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 2011-2012*

 

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
$200,410,336
$211,449,000
-$11,038,665
-5.2
$200,410,336
$211,449,000
-$11,038,665
-5.2
August
328,095,462
328,955,000
-859,538
-0.3
528,505,797
540,404,000
-11,898,203
-2.2
September
352,198,248
348,138,000
4,060,248
1.2
880,704,046
888,542,000
-7,837,954
-0.9
October
222,675,821
205,211,000
17,464,821
8.5
1,103,379,866
1,093,753,000
9,626,866
0.9
November
304,541,302
310,425,000
-5,883,698
-1.9
1,407,921,169
1,404,178,000
3,743,169
0.3
December
315,752,839
307,691,000
8,061,839
2.6
1,723,674,008
1,711,869,000
11,805,008
0.7
January
332,895,309
307,342,000
25,553,309
8.3
2,056,569,317
2,019,211,000
37,358,317
1.9

Comparison of Actual and Projected General Fund Receipts by Tax Type
for January 2012 and Cumulative Fiscal Year 2011-2012*

  JANUARY
ACTUAL
JANUARY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$193,881,648
$187,634,000
$ 6,247,648
3.3
$1,108,879,207
$1,102,414,000
$ 6,465,207
0.6
Ind. Income Tax
163,023,561
150,294,000
12,729,561
8.5
1,045,196,163
1,030,627,000
14,569,163
1.4
Corp. Income Tax
12,310,204
10,677,000
1,633,204
15.3
123,487,015
121,411,000
2,076,015
1.7
Misc. Taxes
10,626,008
10,509,000
117,008
1.1
95,318,292
103,356,000
-8,037,708
-7.8
Total Gross
$379,841,421 $359,113,000 $20,728,421 5.8 $2,372,880,677 $2,357,809,000 $15,071,677 0.6
REFUNDS
Total Refunds
$46,946,112 $51,771,000 -$4,824,888 -9.3 $316,311,360 $338,597,000 -$22,285,640 -6.6
NET RECEIPTS
Sales & Use Tax
$161,889,768
$153,064,000
$ 8,825,768
5.8
$ 868,174,492
$ 859,295,000
$ 8,879,492
1.0
Ind. Income Tax
149,953,119
135,227,000
14,726,119
10.9
991,354,434
973,947,000
17,407,434
1.8
Corp. Income Tax
10,430,823
8,546,000
1,884,823
22.1
101,732,068
82,663,000
19,069,068
23.1
Misc. Taxes
10,621,600
10,504,000
117,600
1.1
95,308,323
103,303,000
-7,994,677
-7.7
Total Net
$332,895,309
$307,342,000
$25,553,309
8.3

$2,056,569,317

$2,019,211,000
$37,358,317
1.9

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.