Nebraska had more net tax revenue than expected again in April and remains well ahead of the projections issued by the Economic Forecasting Advisory Board at the end of February.
. The state Dept of Revenue reports net April tax receipts were $939 million dollars. That’s $376-million or 66.7% above the forecast of $563 million.
Officials caution that numbers are often higher in April as many taxpayers file their returns near the deadline, and net individual income taxes did lead the way. They topped expectations by 150% or $311-million with a total of $519.3 -million.
Corporate income taxes came in at $155-million, 51.2% or $51.2-million more than projected, while miscellaneous taxes totaled $67.9 million for a surplus of $14.7-million or 27.5%.
Net sales-and-use taxes were slightly below projections for the second straight month, but by just $1.5-million or less than 1% at $199.8-million dollars.
Nebraska’s net revenue for the fiscal year that ends June 30 is now at almost $5.2-billion dollars, ahead of the forecast by $516-million or 11.1%.
That’s even more impressive when you remember the projections were updated in February, so that instead of being up $516-million over 10 months, it’s up that much in just 3 months.