FOR IMMEDIATE RELEASE:
August 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 — JULY 2011

LINCOLN — July Gross Receipts. Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for July were $249 million, which is 2.4% below the certified forecast of $256 million.

• Gross Sales and Use:     0.3% below forecast
• Gross Individual Income:     9.5% below forecast
• Gross Corporate Income:   29.8% above forecast
• Gross Miscellaneous:     5.8% below forecast

July Tax Refunds. Tax refunds for July were $49 million, which is 10.9% above the certified forecast of $44 million.

July Net Receipts. Net receipts for July were $200 million, which is 5.2% below the certified forecast of $211 million.

• Net Sales and Use:      0.9% below forecast
• Net Individual Income:   19.9% below forecast
• Net Corporate Income: 115.6% above forecast
• Net Miscellaneous:     5.7% 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.

Previous monthly press releases are found at http://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 by Tax Type for July 20111

  JULY
ACTUAL
JULY
PROJECTED2
DIFFERENCE PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$158,974,607
$159,469,000
-$ 494,393
-0.3%
Ind Income Tax
66,625,016
73,630,000
-7,004,984
-9.5  
Corp Income Tax
9,347,155
7,201,000
2,146,155
29.8  
Misc Taxes
14,476,543
15,362,000
-885,457
-5.8  
     Total Gross
$249,423,321
$255,661,000
-$6,237,679
-2.4%
REFUNDS
     Total Refunds
$49,012,986
$44,212,000
$4,800,986
10.9%
NET RECEIPTS
Sales & Use Tax
$125,102,222
$126,176,000
-$ 1,073,778
-0.9%
Ind Income Tax
53,160,797
66,370,000
-13,209,203
-19.9  
Corp Income Tax
7,671,410
3,558,000
4,113,410
115.6  
Misc Taxes
14,475,906
15,345,000
-869,094
-5.7  
     Total Net
$200,410,336
$211,449,000
-$11,038,66
-5.2%
1Totals may not add due to rounding.
2The 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.