FOR IMMEDIATE RELEASE

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

General Fund Receipts — March 2019

APRIL 12, 2019 (LINCOLN, NEB.) — March Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for March were $484 million, which is 2.0% below the certified forecast of $494 million.

• Gross Sales and Use:
     6.1% below forecast
• Gross Individual Income:
     2.8% below forecast
• Gross Corporate Income:
  26.8% above forecast
• Gross Miscellaneous:
     9.4% below forecast

March Tax Refunds: Tax refunds for March were $141 million, which is 13.3% below the certified forecast of $162 million.

March Net Receipts: Net receipts for March were $344 million, which is 3.5% above the certified forecast of $332 million.

• Net Sales and Use:
     0.7% below forecast
• Net Individual Income:
     1.8% above forecast
• Net Corporate Income:
  34.5% above forecast
• Net Miscellaneous:
     9.4% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2018-19 were $3.267 billion, which is 0.4% above the certified forecast of $3.255 billion.

• Net Sales and Use:
     0.1% below forecast
• Net Individual Income:
     0.2% above forecast
• Net Corporate Income:
     5.6% above forecast
• Net Miscellaneous:
     1.6% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2019. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on March 13, 2019. At the February 28, 2019 meeting, the Board revised the forecast for the current fiscal year downward by $80 million to $4.651 billion, in comparison to the October 26, 2018 forecast. 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 2018-2019*

 

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 $279,849,780 $279,849,780 $0 0.0 $279,849,780 $279,849,780 $0 0.0
August 422,129,588 422,129,588 0 0.0 701,979,368 701,979,368 0 0.0
September 510,217,946 510,217,946 0 0.0 1,212,197,313 1,212,197,313 0 0.0
October 247,188,116 247,188,116 0 0.0 1,459,385,429 1,459,385,429 0 0.0
November 390,491,204 390,491,204 0 0.0 1,849,876,634 1,849,876,634 0 0.0
December 387,480,225 387,480,225 0 0.0 2,237,356,858 2,237,356,858 0 0.0
January 389,711,888 389,711,888 0 0.0 2,627,068,746 2,627,068,746 0 0.0
February 296,444,299 296,444,299 0 0.0 2,923,513,045 2,923,513,045 0 0.0
March 343,629,209 331,867,995 11,761,214 3.5 3,267,142,253 3,255,381,095 11,761,158 0.4

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2019 and Cumulative Fiscal Year 2018-2019*

 

March
Actual

March
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$160,290,033 $170,633,085 -$10,343,052 -6.1 $1,734,797,225 $1,745,140,281 -$10,343,056 -0.6
Ind. Income Tax
251,398,976 258,700,775 -7,301,799 -2.8 1,968,170,219 1,975,471,982 -7,301,762 -0.4
Corp. Income Tax
48,988,193 38,646,890 10,341,303 26.8 262,615,005 252,273,696 10,341,309 4.1
Misc. Taxes
23,644,356 26,099,995 -2,455,639 -9.4 148,244,134 150,699,779 -2,455,645 -1.6
Total Gross
$484,321,559 $494,080,745 -$ 9,759,186 -2.0 $4,113,826,584 $4,123,585,738 -$ 9,759,154 -0.2
Refunds
Total Refunds
$140,692,350 $162,212,750 -$21,520,400 -13.3 $846,684,331 $868,204,642 -$21,520,311 -2.5
Net Receipts
Sales & Use Tax
$119,168,218 $119,950,475 -$   782,257 -0.7 $1,229,434,237 $1,230,216,585 -$   782,348 -0.1
Ind. Income Tax
153,055,942 150,328,795 2,727,147 1.8 1,659,930,135 1,657,202,947 2,727,189 0.2
Corp. Income Tax
47,760,597 35,501,040 12,259,557 34.5 230,097,334 217,837,778 12,259,555 5.6
Misc. Taxes
23,644,452 26,087,685 -2,443,233 -9.4 147,680,547 150,123,785 -2,443,239 -1.6
Total Net
$343,629,209 $331,867,995 $11,761,214 3.5 $3,267,142,253 $3,255,381,095 $11,761,158 0.4

*Totals may not add due to rounding.