Nebraska state government took in less money than expected in April. The Dept of Revenue reports net tax collection in the month totaled $525-million dollars, $3-million or a little less than 1% from the certified forecast.
The lower-than-expected number was driven by individual income tax collections, which were $272-million, more than $110-million or nearly 36% below projections.
The drop is believed related to the IRS pushing back the tax filing deadline a month to next Tuesday.
The lower income tax total more than offset higher-than-expected collections from corporate income taxes, miscellaneous taxes and sales-and-use taxes.
Corporate income taxes came in at $117.6-million, a jump of 45% or $36.5-million from estimates while sales-and-use taxes totaled $246.2-million, topping expectations by $38.9-million or 18.8%.
Miscellaneous taxes, by far the smallest category, were 23.7% or $9.9-million above projections at $51.7-million.
Even with the April drop, the state’s fiscal year-to-date net revenue is still well above projections at roughly $4.66-billion dollars, 13.6% or $556.5-million more than expected.
Each tax category is also still above projections with individual income taxes up $242-million or 11.5%, sales-and-use up $205.6-million or 14.1%, corporate income taxes up $94.2-million or 27.1%, and miscellaneous taxes up $14.7-million or 8.1%.
The projections were set by the Nebraska Economic Forecasting Advisory Board in July of last year.