Nebraska net tax revenue came in higher than expected again in May 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 May tax receipts were $583 million dollars – 9.9% or $32 million above the forecast All tax categories except miscellaneous came in higher than projections
Net individual income taxes were up just over $58-million or 18.2% at $364-million while sales-and-use taxes totaled $185.6-million to top expectations by $1.4-million or 8-10ths of a percent.
Corporate income taxes came in at $27.5 million, $5.3-million or 23.8% above estimates, while miscellaneous taxes totaled only $5.6-million, falling short by 65% or $10.2-million.
With just June left in the fiscal year, Nebraska’s net revenue is now more than $5.7–billion dollars, ahead of the forecast by $568-million or 11.0%.
That’s even more impressive when you remember the projections were updated in February, so that instead of being up $568-million over 11 months, it’s up that much in just 4 months.