State Revenue Tops Monthly Projections Again

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LINCOLN, Neb. (AP) – Nebraska state government collected more tax revenue than expected again last month, just as it has every month since the new fiscal year began in July.

November receipts of $432-million dollars topped the projections set by the Nebraska Economic Forecasting Advisory Board in April by $26.9-million or about 6.6%.

Net sales-and-use taxes, the second-largest single source of revenue, were actually $7.8-million or 5.8% under estimates at $126.8-million, but the other 3 categories of taxes – individual income, corporate income, and miscellaneous – were all above expectations.

Individual income taxes were $270-million dollars, $11.2-million or 4.3% over projections while corporate income taxes totaled $23.8-million. Only $458,000 expected, so that’s a jump of more than 5,000%. Miscellaneous taxes were 1% or $111,000 higher than estimates at $11.2-million.

Net tax collections for the fiscal year so far are $2-billion 20-thousand dollars, putting them $126.9-million or 6.7% over the Forecasting Board’s projections.

All 4 tax categories are above expectations after the first 5 months of the new fiscal year. Sales-and-use is up 2% or $14.5-million, individual income 3.3% or $33.3-million, corporate income $75.2-million or 90%, and miscellaneous $3.9-million or 5.3%.