Net State Tax Revenue More Than 70% Over Forecast In May

       Nebraska state government tax collections surged well above projections in May, with the state collecting $297 million dollars more than expected.

      The Nebraska Dept of Revenue on Tuesday reported net tax receipts of  $720 million, more than 70% higher than the official forecast, but the jump may have been more a quirk of timing than anything else.

      Income tax filing day was moved from April to May this year with the April numbers lower than forecast and May’s much higher. 

      Corporate income tax collections of $24.6-million were 375% or $19.4-million above projections while individual income taxes came in at $512.4-million,  $252.3-million or 97% over expectations.

      On the other hand, net sales-and-use and miscellaneous tax receipts were also up. Net sales tax revenue totaled $169.6-million, $22-million or 14.9% over estimates with miscellaneous taxes at $13.6-million, $3.2-million of 30.9% above forecasts.

      Net tax collections continue to run well above the forecast for the current fiscal year, which ends this month. $5.48-billion had come in through May – $853.5-million or 18.9% more than expected

     All 4 categories of taxes are also above forecasts for the year – $494.3-million or 20.8% for personal income, $227.7-million or 14.2% for sales-and-use, $113.7-million or 32.2% for corporate income, and $17.9-million or 9.4% for miscellaneous