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Net Tax Revenue Continues Above Projections

LINCOLN, Neb. (AP) – Nebraska Dept of Revenue says net state tax revenue beat expectations once again last month, coming in at $473-million dollars – $52 million or 12.2% more than predicted by the state economic forecasting board.

. The boost was driven by net sales-and-use and corporate income taxes that were far higher than the state’s estimates, offsetting the fact that individual income and miscellaneous taxes came in below projections.

Net sales-and-use taxes totaled $161.7-million dollars, $31.1-million or 23.4% over estimates while corporate taxes were 50.5% or $26-million above the projections at 77.5%.

Individual income taxes, the largest category, came in 1.4% less than expected at $213.8-million for a shortfall of $3.2-million while miscellaneous taxes totaled $19.9-million to miss projections by 10.9% or $2.4-million.

After the first half of the fiscal year, all 4 tax categories are above estimates – individual income taxes by $30.1-million or 2.5%, sales-and-use by $45.5-million or 5.2%, corporate income by a whopping $101.2-million or 75.1%, and miscellaneous up $1.5-million or 1.5%.

Net revenue for the fiscal year continues to run well above expectations at $2.49-billion dollars, $178.4-million or 7.7% above what the forecasting board expected.

Governor Pete Ricketts issued a statement saying “another strong month of growth in tax revenues reflects Nebraska’s strong economic growth over the past year.”

Ricketts pledged to continue to work with the Legislature to control spending so that the revenue windfall can go toward additional property tax relief for Nebraska’s farmers, ranchers, homeowners, and businesses this legislative session.