FOR IMMEDIATE RELEASE

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

General Fund Receipts — June 2018

July 13, 2018 (LINCOLN, NEB.) — June Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for June were $566 million, which is 4.9% above the certified forecast of $539 million.

• Gross Sales and Use:
    3.1% above forecast
• Gross Individual Income:
    2.1% above forecast
• Gross Corporate Income:
  25.6% above forecast
• Gross Miscellaneous:
    3.5% above forecast

June Tax Refunds: Tax refunds for June were $92 million, which is 8.9% above the certified forecast of $84 million.

June Net Receipts: Net receipts for June were $474 million, which is 4.1% above the certified forecast of $455 million.

• Net Sales and Use:
    5.3% below forecast
• Net Individual Income:
    4.1% above forecast
• Net Corporate Income:
  30.3% above forecast
• Net Miscellaneous:
    3.5% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2017-18 were $4.567 billion, which is 1.4% above the certified forecast of $4.505 billion..

• Net Sales and Use:
    1.1% below forecast
• Net Individual Income:
    2.2% above forecast
• Net Corporate Income:
    6.3% above forecast
• Net Miscellaneous:
    3.6% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board (NEFAB) on October 27, 2017. At this meeting, the NEFAB reduced the FY 2017-18 forecast by $100 million. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on November 13, 2017. At the February 28, 2018 meeting, the Board revised the forecast for the current fiscal year upward by $25 million to $4.530 billion. By law, only downward revisions to the forecast are recertified, so the comparisons made in this release are still based on the forecast certified on November 13, 2017.

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 2017-2018*

 

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 $267,909,749 $267,909,749 $0 0.0 $267,909,749 $267,909,749 $0 0.0
August 405,007,342 405,007,342 0 0.0 672,917,091 672,917,091 0 0.0
September 456,056,442 456,056,442 0 0.0 1,128,973,533 1,128,973,533 0 0.0
October 244,584,930 244,584,930 0 0.0 1,373,558,463 1,373,558,463 0 0.0
November 375,539,555 377,700,612 -2,161,056 -0.6 1,749,098,018 1,751,259,074 -2,161,056 -0.1
December 414,747,893 378,082,263 36,665,630 9.7 2,163,845,911 2,129,341,338 34,504,573 1.6
January 421,100,753 379,049,306 42,051,447 11.1 2,584,946,664 2,508,390,644 76,556,020 3.1
February 296,461,256 291,345,813 5,115,443 1.8 2,881,407,921 2,799,736,457 81,671,463 2.9
March 305,529,563 337,468,048 -31,938,485 -9.5 3,186,937,483 3,137,204,505 49,732,978 1.6
April 514,218,591 503,317,727 10,900,864 2.2 3,701,156,074 3,640,522,232 60,633,842 1.7
May 392,124,524 409,435,992 -17,311,469 -4.2 4,093,280,598 4,049,958,224 43,322,374 1.1
June 473,715,175 455,041,776 18,673,399 4.1 4,566,995,773 4,505,000,000 61,995,773 1.4

 

Comparison of Actual and Projected General Fund Receipts by Tax Type
for June 2018 and Cumulative Fiscal Year 2017-2018*

 

June
Actual

June
Projected

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$195,670,055 $189,757,031 $ 5,913,024 3.1 $2,227,862,718 $2,247,093,000 -$19,230,282 -0.9
Ind. Income Tax
235,706,531 230,957,462 4,749,069 2.1 2,811,053,259 2,748,762,000 62,291,259 2.3
Corp. Income Tax
64,690,998 51,489,797 13,201,201 25.6 355,713,385 345,212,000 10,501,385 3.0
Misc. Taxes
69,487,890 67,141,821 2,346,069 3.5 290,514,169 280,635,500 9,878,669 3.5
Total Gross
$565,555,474
$539,346,111
$26,209,363
4.9
$5,685,143,530
$5,621,702,500
$63,441,030
1.1
Refunds
Total Refunds
$91,840,300
$84,304,335
$7,535,964
8.9
$1,118,147,757
$1,116,702,500
$1,445,257
0.1
Net Receipts
Sales & Use Tax
$124,670,254 $131,684,452 -$ 7,014,198 -5.3 $1,602,737,358 $1,620,000,000 -$17,262,642 -1.1
Ind. Income Tax
215,613,695 207,165,254 8,448,441 4.1 2,360,595,935 2,310,000,000 50,595,935 2.2
Corp. Income Tax
63,944,564 49,060,691 14,883,872 30.3 313,689,520 295,000,000 18,689,520 6.3
Misc. Taxes
69,486,662 67,131,379 2,355,283 3.5 289,972,959 280,000,000 9,972,959 3.6
Total Net
$473,715,175
$455,041,776 $18,673,399
4.1
$4,566,995,773
$4,505,000,000
$61,995,773
1.4

*Totals may not add due to rounding.