Nebraska’s gross general fund receipts for November were 2.3% above estimates, but tax refunds were 15.6% higher than expected – dropping net tax receipts 7-10ths of a percent below projections.
The Nebraska Economic Forecasting Advisory Board set the projections in October, nearly 4 months into the current fiscal year.
Gross receipts for November totaled $753-million dollars or $17-million above estimates while tax refunds came in at $156-million or $21-million higher than expected. That resulted in $596-million in net receipts, $5-million less than planned.
Net individual income taxes and sales and use taxes both fell short of estimates. Individual income taxes were 4.9% or $18.7-million under at $364.7-million with sales and use taxes 1.2% or $2.1-million shy at $194.4-million.
Net corporate income taxes, on the other hand, were nearly triple what was expected at $18.6-million compared to projections of a fraction over $6-million. Miscellaneous taxes were 26.3% or $3.9-million above estimates at $18.5-million
Net tax receipts so far in the fiscal year that began in July total $2.596-billion dollars, which is $4.4-million or 2-10ths of 1% under the forecast set in October.
Nearly the entire shortfall is from individual income taxes – down $18.7-million or 1.5% at $1.3-billion dollars – and is blamed on tax refunds being higher than expected at this point in the year.
Net sales and use taxes are also below expectations, but by just 2-10ths of a percent or $2.1-million with a total of $1.256-billion.
Net corporate income taxes are $12.6-million or 6.1% higher at $1.014-billion and miscellaneous taxes are running 3.7% or $3.9-million above the forecast with $108.3-million dollars.