The Nebraska Economic Forecasting Advisory Board has raised its revenue projections for the current fiscal year and lowered them for next year with a net gain of $50-million dollars over the 2 years.
The board increased the estimate for the year ending June 30 to reflect $750-million more in corporate income tax receipts and $200-million less in individual income taxes.
Expected increases in miscellaneous and sales-and-use taxes add another $25-million for a total net increase of $575-million and total revenue of $7.02-billion dollars
The board lowered its projections for the year beginning July 1st by $525-million, expecting individual income taxes to fall by $715-million while corporate income taxes go up another $160-million. Total net revenue is estimated at $5.84 billion.
The new projections are what the legislature will now use in crafting any changes to the biennial budget, which ends in June of next year.
Nebraska Governor Jim Pillen issued a statement yesterday said the Forecasting Board’s new projections reflect the fact that “Nebraska’s economy is strong and in a good financial position.”
Pillen called it “another signal for needed property tax relief,” adding that “the time is now, we must continue to work together to find a pathway forward to reduce property taxes for all Nebraskans.”