Net State Tax Revenue Tops Projections In August

      Nebraska tax revenues came in higher than expected again in August, continuing a long-running trend. 

      The Revenue Department of Revenue net receipts were $27-millions dollars or 4.8% higher than anticipated at $579 million.

      Sales and Use Taxes were the only category to fall short of the certified forecast, coming in at $184.6-million, $13.1-million or 6.6% below estimates.

     Individual Income Taxes topped expectations by $37.3-million or 11% with a total of $$376.1-million-million, Corporate Income Taxes of $5.4-million were up $1.7-million or 11%, and Miscellaneous taxes were 4.1% or $495.000 above the forecast. 

       After the first two months of the fiscal year, net receipts total $889 million dollars –  $29.9-million or 3.4% above the certified February projections of the Nebraska Economic Forecasting Advisory Board.

      Corporate Income Taxes are $21.1-million, 9.7% or $$1.9-million above estimates, with Miscellaneous Taxes up 9.1% or $2.3-million at $27-million. Individual Income Taxes of $$451.1-million are $30.5-million or $7.3% higher than expected.

     Sales and Use Taxes are 1.2% or $$4.7-million dollars under the forecast at $399.7-million.