Nebraska Net Tax Revenue Just Short Of Projections In April, But Still Way Ahead For Fiscal Year

       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. 

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