FOR IMMEDIATE RELEASE:
February 10, 2014

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

General Fund Receipts —January 2014

LINCOLN — January Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for January were $409 million, which is 1.5% above the certified forecast of $403 million.

• Gross Sales and Use:
    5.5% above forecast
• Gross Individual Income:
    2.3% below forecast
• Gross Corporate Income:
    2.9% below forecast
• Gross Miscellaneous:
    3.9% below forecast

January Tax Refunds: Tax refunds for January were $45.5 million, which is 17.5% below the certified forecast of $55.2 million.

January Net Receipts: Net receipts for January were $364 million, which is 4.5% above the certified forecast of $348 million.

• Net Sales and Use:
    9.9% above forecast
• Net Individual Income:
    0.6% above forecast
• Net Corporate Income:
    2.2% below forecast
• Net Miscellaneous:
    3.8% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $2.269 billion, which is 3.0% above the certified forecast of $2.204 billion.

• Net Sales and Use:
    2.4% above forecast
• Net Individual Income:
    3.3% above forecast
• Net Corporate Income:
  13.1% above forecast
• Net Miscellaneous:
    7.6% 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
January
363,606,321
348,071,825
15,534,496
4.5
2,269,375,067
2,203,758,543
65,616,524
3.0

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

 

January
Actual

January
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$208,595,019
$197,661,594 $10,933,425
5.5
$1,226,024,286
$1,198,898,493
$27,125,793
2.3
Ind. Income Tax
175,433,253
179,627,415
-4,194,162
-2.3
1,155,883,956
1,124,494,951
31,389,005
2.8
Corp. Income Tax
13,073,549
13,460,956
-387,407
-2.9
159,316,281
156,081,152
3,235,129
2.1
Misc. Taxes
12,039,214
12,522,455
-483,241
-3.9
93,466,409
101,170,402
-7,703,994
-7.6
Total Gross
$409,141,035
$403,272,420
$ 5,868,615
1.5
$2,634,690,931
$2,580,644,998
$54,045,933
2.1
Refunds
Total Refunds

$45,534,714

$55,200,595
$-9,665,881
-17.5
$365,315,864
$376,886,455
$-11,570,591
-3.1
Net Receipts
Sales & Use Tax
$168,949,039
$153,696,558
$15,252,480
9.9
$  926,638,708
$  904,847,978
$21,790,730
2.4
Ind. Income Tax
173,142,177
172,167,466
974,711
0.6
1,113,011,263
1,077,283,008
35,728,255
3.3
Corp. Income Tax
9,475,890
9,692,061
-216,171
-2.2
136,316,343
120,516,647
15,799,696
13.1
Misc. Taxes
12,039,214
12,515,739
-476,525
-3.8
93,408,753
101,110,910
-7,702,157
-7.6
Total Net
$363,606,321
$348,071,825
$15,534,496
4.5

$2,269,375,067

$2,203,758,543
$65,616,524
3.0
*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.