The Nebraska Dept of Revenue says net state tax receipts in November came in 10% or $57.7-million dollars under estimates, but that there’s no reason to panic.
The department says gross revenue was $2-million dollars higher than expected at $693-million, but that tax refunds were 53% more than projected. That dropped net receipts to $520-million.
The biggest change came in Sales and Use Taxes. Gross revenue was down just 7-10ths of a percent or about $1.9-million, but net receipts were $52.6-million or 27.7% higher than forecasts. Business incentive credits are believed to be largely responsible.
Gross Individual Income Tax receipts were 2.6% or $10-million above projections, but net revenue was $6-million dollars or 1.6% under projections.
Gross Corporate Income Taxes, on the other hand, were down $6.8-million or 34.5% while coming up short only $122,000 or 1.7% on a net basis.
Miscellaneous Taxes were 6.3% or about $964,000 over projection on both a gross and net basis.
The Nebraska Economic Forecasting Advisory Board had raised its revenue projections for the fiscal year by $621-million dollars in October and used the actual numbers for the first 4 months of the fiscal year as its projections as well.
That means the year-to-date net receipts of just under $2.5-billion dollars are officially under estimates by November’s $57.7-million or about 2.3%.