FOR IMMEDIATE RELEASE

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

General Fund Receipts — November 2016

December 15, 2016 (LINCOLN, NEB.) — November Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for November were $441 million, which is 2.3% below the certified forecast of $451 million.

• Gross Sales and Use:
2.4% below forecast
• Gross Individual Income:
0.4% below forecast
• Gross Corporate Income:
58.7% below forecast
• Gross Miscellaneous:
13.7% above forecast

November Tax Refunds: Tax refunds for November were $83 million, which is 11.3% above the certified forecast of $74 million.

November Net Receipts: Net receipts for November were $359 million, which is 4.9% below the certified forecast of $377 million.

• Net Sales and Use:
6.9% below forecast
• Net Individual Income:
2.0% below forecast
• Net Corporate Income:
439.1% below forecast
• Net Miscellaneous:
13.8% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2016-17 were $1.674 billion, which is 1.1% below the certified forecast of $1.693 billion.

• Net Sales and Use:
1.3% below forecast
• Net Individual Income:
0.5% below forecast
• Net Corporate Income:
12.5% below forecast
• Net Miscellaneous:
1.6% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 28, 2016. 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 9, 2016. The Board revised the forecast for the current fiscal year downward by $172 million to $4.395 billion. 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

Policy Division
Comparison of Actual and Projected General Fund Receipts
for Fiscal Year 2016-2017*

 

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
$234,585,213
$234,585,207 $7
0.0
$234,585,213
$ 234,585,207
$ 7
0.0
August
410,484,016
410,484,018
-2
0.0
645,069,230
645,069,225
5
0.0
September 437,022,598 437,022,593 5 0.0 1,082,091,827 1,082,091,818 10 0.0
October 233,404,182 233,404,186 -4 0.0 1,315,496,010 1,315,496,004 5 0.0
November 358,594,439 377,206,021 -18,611,583 -4.9 1,674,090,448 1,692,702,025 -18,611,577 -1.1

Comparison of Actual and Projected General Fund Receipts by Tax Type
for November 2016 and Cumulative Fiscal Year 2016-2017*

 

November
Actual

November
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$173,172,203 $177,499,450 -$ 4,327,247 -2.4 $  921,987,286 $  926,314,531 -$ 4,327,245 -0.5
Ind. Income Tax
252,710,613
253,795,677
-1,085,064
-0.4
935,577,761
936,662,826
-1,085,065
-0.1
Corp. Income Tax
4,315,671
10,456,418
-6,140,747
-58.7
82,920,086
89,060,836
-6,140,750
-6.9
Misc. Taxes
10,974,712
9,652,627
1,322,085 13.7
85,778,846
84,456,759 1,322,087 1.6
Total Gross
$441,173,198
$451,404,171
-$10,230,973 -2.3
$2,026,263,979
$2,036,494,952
-$10,230,973 -0.5
Refunds
Total Refunds

$82,578,759

$74,198,150
$8,380,609 11.3
$352,173,531
$343,792,927
$8,380,604
2.4
Net Receipts
Sales & Use Tax
$115,131,885
$123,641,348
-$ 8,509,463
-6.9
$  655,841,199
$  664,350,654 -$ 8,509,456
-1.3
Ind. Income Tax
237,576,115
242,419,969
-4,843,854
-2.0
886,479,763
891,323,618
-4,843,855 -0.5
Corp. Income Tax
-5,088,237
1,500,518
-6,588,755 -439.1
45,991,967
52,580,725
-6,588,757 -12.5
Misc. Taxes
10,974,676
9,644,187
1,330,489 13.8 85,777,519 84,447,028
1,330,491
1.6
Total Net
$358,594,439
$377,206,021
-$18,611,583 -4.9

$1,674,090,448

$1,692,702,025
-$18,611,577
-1.1


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October, 2016 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 9, 2016.