Nebraska finished the last fiscal year with net tax revenue far above both the initial and updated projection of the Nebraska Economic Forecasting Advisory Board despite the coronavirus pandemic..
The Dept of Revenue says net revenue for the year that ended June 30th was $5.959-billion dollars, 19.2% or $958-million more than the board’s official prediction last October.
The board updated its estimate in April by more than $190-million, but state law keeps the first estimate the official one unless the update is lower – a law that was changed this year. Total revenue still topped the updated figure by $379-million.
Nebraska had net tax revenue for the month of June of $581-million dollars, 22% or $105-million more than the official estimate.
Individual income taxes generated the most revenue for both the month and the year at $264.6-million in June and $3.1-billion overall. That topped the monthly projection by 12.7% or $29.8-million and for the year by 20.1% or $524-million.
Net sales and use taxes were $173.4-million in June, $17.1-million or 10.9% ahead of forecasts. The yearly total of just over $2-billion dollars exceeded expectations by $244.7-million or 13.9%.
Corporate income taxes were a whopping 89.1% or $49.2-million more than predicted at $104.3-million with the fiscal year coming in at $571.2-million for a surplus of 39.9% or $162.8-million.
Miscellaneous taxes of $38.6-million beat the June forecast by $8.9-million or 30% and the annual projection by 12.2% or $26.8-million with a total of $247.5-million
The income tax and overall revenue figures were helped by the income filing date being pushed back last year from April to July, a move that shifted $280-million from Fiscal 2020 to Fiscal 2021. The boost was included in the original revenue estimate.