The Nebraska Dept of Revenue says both gross and net tax receipts in January came in below the projections set in October by the Nebraska Economic Forecasting Advisory Board.
Interim Tax Commissioner Glen White says gross receipts for January were $628-million dollars, $42-million or 8.3% below expectations, while net receipts were down $42-million or 7.7% at $537-million
Net individual income and sales-and-use taxes were both below forecast in January. Individual income tax revenue was $33.6-million or 3.3% less than expected at $259-million while sales and use taxes fell short by 5.2% or $13.5-million with $247.7-million.
Corporate income taxes were almost exactly as expected, coming in $11,074 more than projected at $8.7-million while miscellaneous taxes of $21.4-million topped estimates by $2.3-million dollars or 4.1%.
Sales-and-use taxes and individual income taxes are also down for the first 7 months of the fiscal year, which began in July.
Individual income tax revenue, the largest single category of revenue, stands at $1.745-billion dollars, 3.2% or $58.2-million shy of projections. Sales and use taxes are off by 3.5% or $51.7-million at $1.401-billion..
Corporate income and miscellaneous taxes are both above projections, but make up a far smaller share of state revenue.
Corporate income taxes are up $60-million dollars or 17.7%, but with a total of only $338.2-million, while miscellaneous taxes total $131.9-million to top projections by 4.1% or $5.2-million dollars.
Total net receipts for the fiscal year-to-date are $3.622-billion dollars, $53.8-million or 1.5% below projections, but in a sense the numbers are worse than that.
Since the Forecasting Board projections were reset in October, the shortfalls have occurred over 3 months and not over 7