IRS Delay In Tax Return Processing Means Huge Temporary Boost To Nebraska Net Revenue

       Nebraska state tax collections in February were $448.5-million dollars, nearly double projections in February, but the numbers are likely to come back down in the next few months.

     That’s because a good part of the $220-million in unexpected revenue was the result of the IRS starting the tax season later than usual, resulting in fewer refunds than normal in February.

     Net corporate income tax was more than 600% or $14.4-million dollars higher than estimates at $16.8-million while individual income taxes were almost 164% or $175.7-million above projections.

     Although not directly related to the later IRS start, net sales and use tax revenues were nearly 27% or $29.1-million over estimates while miscellaneous taxes came in 4.7% or $451,000 higher than expected.

     Net revenue for the fiscal year that began in July is now 15.4% or $502-million dollars above projections at $3.77-billion