Nebraska state government collected more tax revenue than expected again in December.
The Dept of Revenue says the net tax receipts of $510-million dollars was $35-million or 7.4% higher than the forecast. Tax refunds, on the other hand, were 5.5% or $6-million dollars less than predicted..
Net individual and corporate income taxes were both up, as were sales and use taxes; only net miscellaneous taxes came in lower.
Individual income taxes totaled $221.3-million, topping projections by $16.2-million or 7.9%. Corporate income taxes were $107-million, $13.4-million or 14.3% above the forecast.
Sales and use tax generated $169.4-million. That’s 6.4% or$10.2-million more. Miscellaneous taxes were $4.9-million or 28.5% below projections at $12.2-million.
Nebraska has now collected $2.859 billion dollars in the current fiscal year, 2.7% or $74-million higher than the official prediction set by the Economic Forecasting Advisory Board.
That’s a little misleading because while the fiscal year began July 1st, the board didn’t issue its projections until the end of October – 4 months into the year. That means the $74-million surplus is really over just 2 months and not 6 months.