Neb Net State Tax Receipts $57-M Or 18.6% Over Projections In March

      The Nebraska Dept of Revenue says state government tax collections far exceeded expectations again in March. 

       Net revenue was $362.7-million dollars, just under $57-million or 18.6% more than the certified forecast, with higher-than-expected receipts in all tax categories except miscellaneous taxes.

       Net individual income tax receipts were $142.8-million, $20.1-million or 16.4% over projections, with corporate income taxes at $63.6-million, up $24.3-million or a whopping 61.9%.

      Sales and Use taxes came in at $131.6-million, topping expectations by 11.4% or $13.5-million dollars 

      Miscellaneous taxes, the smallest category, came up 4% or a little over a million less than the forecast at $24.6-million. 

      Tax collections for the fiscal year, which ends on June 30, are also above projections. The state has netted $4.133 billion so far, 15.6% or $559-million above the certified forecast.

      All four categories of taxes are above projections for the fiscal year with corporate income taxes up 19.8%, individual income taxes 18.1% higher, sales and use taxes 12.6% above estimates, and miscellaneous taxes up 3.4%.

      By totals, net individual income taxes are $334.8 million higher with sales and use taxes up $165.2-million, corporate income taxes $54.3-million, and miscellaneous taxes $4.8-million over the forecast.

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