FOR IMMEDIATE RELEASE:
August 11, 2014

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

General Fund Receipts — July 2014

LINCOLN — July Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for July were $290 million, which is 2.7% below the certified forecast of $298 million.

• Gross Sales and Use:
    0.3% above forecast
• Gross Individual Income:
    5.3% below forecast
• Gross Corporate Income:
    4.8% above forecast
• Gross Miscellaneous:
  25.5% below forecast

July Tax Refunds: Tax refunds for July were $49 million, which is 12.7% below the certified forecast of $57 million.

July Net Receipts: Net receipts for July were $241 million, which is 0.4% below the certified forecast of $242 million.

• Net Sales and Use:
    5.0% above forecast
• Net Individual Income:
    4.8% below forecast
• Net Corporate Income:
    4.9% above forecast
• Net Miscellaneous:
  25.4% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2014. This forecast was adjusted for legislation passed in 2014, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2014.

Previous monthly press releases are at revenue.nebraska.gov/research/gen_fund.html.

##

APPROVED:
Kim Conroy
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts by Tax Type for July 20141

  July
Actual
July
Projected2
Difference Percent
Difference
Gross Receipts
Sales & Use Tax
$181,375,017
$180,872,597
$  502,420
0.3%
Ind Income Tax
82,155,145
86,798,021
-4,642,877
-5.3  
Corp Income Tax
13,539,342
12,915,048
624,293
4.8  
Misc Taxes
13,340,466
17,896,433
-4,555,967
-25.5  
     Total Gross
$290,409,969
$298,482,099
-$8,072,130
-2.7%
Refunds
     Total Refunds
$49,392,126
$56,570,519
-$7,178,393
-12.7%
Net Receipts
Sales & Use Tax
$142,180,954
$135,367,456
$6,813,498
5.0%
Ind Income Tax
74,112,689
77,812,971
-3,700,281
-4.8  
Corp Income Tax
11,383,859
10,849,354
534,505
4.9  
Misc Taxes
13,340,341
17,881,799
-4,541,459
-25.4  
     Total Net
$241,017,843
$241,911,580
-$  893,737
-0.4%
1Totals may not add due to rounding.
2The projected amounts used in this comparison were set at the February 28, 2014 meeting of the
  Nebraska Economic Forecasting Advisory Board and certified on July 11, 2014.