Nebraska Net Tax Revenue Opens Fiscal Year Slightly Over Projection

    Nebraska brought in a little less tax revenue than expected in July, but also paid out less in tax refunds – pushing net income to $320.4-million dollars.

     That’s $3-million dollars or 1.1% higher than the official forecast made in February by the Nebraska Economic Forecasting Advisory Board.

     Net Individual Income Taxes, which ran well above projections last fiscal year, started the new fiscal year 8.3% or $6.8-million dollars below expectations at just over $75-million.

     All other tax categories were above estimates for July. Net Sales and Use taxes, which had been below projections in May and June, led the way at $215.1-million, $8.4-million or 4.1% higher than forecast.

    Net Corporate Income taxes were 8-10ths or a percent or $120,000 over estimates at $15.7-million with Net Miscellaneous taxes a whopping 13.8% or $1.8-million above projections at $14.6-million.