Nebraska State Tax Revenue Continues To Top Projections

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       The Nebraska Department of Revenue says net tax revenue for the state continues to run well ahead of official estimates and totaled $495-million dollars in January. That’s $45-million or 10% above projections.

      Individual income taxes and miscellaneous taxes for the month came in over expectations while corporate income and sales-and-use taxes both fell short.

      Individual income taxes were $279.3-million dollars, $71.8-million or 34.6% above estimates with miscellaneous taxes, the smallest category, coming in at $22-5-million to top projections by $14.3-million or 57.6%.

       Sales and use taxes, on the other fell $34-million of 16.1% under estimates at $177.1-million while corporate incomes taxes were under by only $807,000 or 5.6%.  

      Through the first 7 months of the fiscal year, individual income taxes are $105.2-million dollars or 6.7% above official projections with corporate income taxes 4.2% or $12.8-million higher and miscellaneous taxes are up $4.5-million or 4.8% 

      Sales and use taxes are under estimates, but by just $3.1-million or 2-10ths of a percent on a total of $1.3-billion in net collections.

    . The state has received $3.354 billion dollars in net taxes so far in the current fiscal year, which began July 1. That’s 3.7% or $119.3-million over the official projections by the state forecasting advisory board, but in a real sense the surplus is much bigger.

        That’s because the forecasting board revised its projections in October, so the $119.3-million above projections is for just the last 3 months and not the full 7 months of the fiscal year. 

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